Brent crude oil: enter a long position and take some profits at $100

07 October 2022 518
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The price of Brent crude oil has fallen by more than 30% in three months, but it is adjusting at the moment.

The price has already reached the 23.6% Fibonacci level and is likely to continue rising towards the levels of 38.2%, 50% and 61.8%, which correspond to $99, $104 and $109 per barrel.

The technical picture is also supported by fundamental factors, such as a significant reduction in oil production by OPEC+ countries, as well as Goldman Sachs and JPMorgan forecasts of a $100 a barrel oil price at the end of the year.

This content is for informational purposes only and is not intended to be investing advice.

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