Oil Higher from here?
On Sunday OPEC+ announced:
The 3.6mil bpd production cuts, will extend into 2024.
Saudi's will cut an additional 1mil bpd from July 2023.
The #oil #price opened higher on Sunday evening futures open.
It now looks like we have an inverse head & shoulders on the price of oil, taking the price into the mid and upper 70s. This may pave the way for oil being in the 80s sonner than later.
This will place pressure on the Fed as it will lead to even more inflation.
Headwinds however is still the lomming recession in US, EU as well as the weaker Chinese markets.
The 3.6mil bpd production cuts, will extend into 2024.
Saudi's will cut an additional 1mil bpd from July 2023.
The #oil #price opened higher on Sunday evening futures open.
It now looks like we have an inverse head & shoulders on the price of oil, taking the price into the mid and upper 70s. This may pave the way for oil being in the 80s sonner than later.
This will place pressure on the Fed as it will lead to even more inflation.
Headwinds however is still the lomming recession in US, EU as well as the weaker Chinese markets.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.