Oil price forecast. Brent is trading flat this morning

Posted 27 June, 2022

Brent oil prices on Friday were able to rebound and win back the losses of Wednesday and Thursday, supported by a noticeable improvement in general market sentiment. The development of the rally in the US stock market and the unexpectedly strong data on new buildings in the US, which showed a revival in demand for houses despite rising rates, allowed oil quotes to return above the 20-day average at the end of the day and end the week above $113/bbl. In general, fears about a slowdown in economic growth faded into the background, allowing investors to recall the continued shortage of petroleum products and high summer demand in the Northern Hemisphere. The DXY index, which reflects the position of the dollar against the 6 leading world currencies, looks technically quite vulnerable. Against this background, the Brent futures may try to return to the zone of 115-125 dollars per barrel before expiration, from which it fell out last week.

Futures for Brent is trading without significant changes this morning, consolidating at $113 per barrel. in anticipation of new signals from the foreign exchange market and industry news. Fundamentally, imbalances remain in the oil market, which, in the absence of a new wave of deterioration in sentiment on world markets, can activate buyers. At the beginning of the week, we hope for a test mark of 115 dollars per barrel.

Previous forecast

28 June, 2022 09:18

← Forecast EUR/USD. The target for growth in the area of ​​1.0800 remains relevant

The beginning of the trading week was a smooth continuation of the previous one.

Forecast EUR/USD. The target for growth in the area of ​​1.0800 remains relevant

Next forecast

27 June, 2022 09:30

EUR/USD forecast for today. Calm before the storm →

The situation for the pair under consideration remains stable. No sharp jumps and impulsive actions are observed.

EUR/USD forecast for today. Calm before the storm
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