Brent Crude May Not Stop at $90 As IEA Warns of ’Risky Situation’

Brent Crude Oil Price Forecast Talking Points:

  • The ONE Thing: Brent maintains strong factors to support a bullish trend with favorable momentum being maintained. The last time Brent had this many quarters of consecutive gains was in 2Q 2008 before oil spiked aggressively, and added insult to injury ahead of the great financial crises.
  • The International Energy Agency’s Executive Director, Fatih Birol, noted that ‘expensive energy’ is back and that if OPEC does not open the taps, the energy market may soon hamper global growth at a time when sentiment is already tipping lower.
  • Brent Crude Oil Technical Analysis Strategy: Uptrends are naturally overbought, and momentum remains bullish.An inability to close below the 26-day midpoint ($81.70 shows the trend remains in force even as prices test channel resistance via Andrew’s Pitchfork.
  • Access our recent Crude Oil Fundamental Forecast here

Pullbacks have been shallow, and intuitions are not overly long, which could mean that crude has further upside to go. Traders soon learn the markets do not know the meaning of ‘too

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