USOIL update | Forex | 27 Feb
Timeframe: 1 Hour
Bearish below :77.45
Crude oil may turn bearish below $77.45, with a target of $77.00. The 1-hour timeframe suggests a range-bound movement if it fails to sustain above $77.50 after hitting a high of $78.00.
-The yearly growth in oil supply from non-OPEC countries to be 700,000 barrels per day from 2024 to 2029.
-The forecast is that Brent oil prices will be between $60 and $80 per barrel until 2029, with the current price at $81.59 per barrel.
Bearish below :77.45
Crude oil may turn bearish below $77.45, with a target of $77.00. The 1-hour timeframe suggests a range-bound movement if it fails to sustain above $77.50 after hitting a high of $78.00.
-The yearly growth in oil supply from non-OPEC countries to be 700,000 barrels per day from 2024 to 2029.
-The forecast is that Brent oil prices will be between $60 and $80 per barrel until 2029, with the current price at $81.59 per barrel.