Tank Half Full or Half Empty? 🛢️

This week was a particularly chaotic one for the British Brent oil. While it started strong, it lost almost all its momentum and dropped back to the levels at the beginning of the week. We expect it to further decline in the short run, but also to bounce back before it reaches $53.39. This mark is especially important. Below that price, our alternative scenario gains significant relevance, which now only has a chance of 35% to become our primary expectation. Nonetheless, as we see the price in this market rise above $60 in the long run, we stick to our primary expectation of a further increase in price after this low.

Happy trading!