My trading idea for - #CrudeOil - BUY
Entry: 82.60 USD
Target: 90.00 USD (+8.5% profit)
#CrudeOil has risen to $85 per barrel due to #Opec production cuts.
Crude oil inventories are expected to decline in the second half of 2023 (source: www.energyintel.com/). Means also higher demand and higher prices.
In July alone, the price of oil rose by 13% - more than Saudi Arabia's 10% production cut. They have certainly made good profits and want to maintain this trend for as long as possible. I expect it to continue upwards until November.
#Brent is currently trading at October contracts. I expect prices to fall as we get closer to January 2024 contracts.
Entry: 82.60 USD
Target: 90.00 USD (+8.5% profit)
#CrudeOil has risen to $85 per barrel due to #Opec production cuts.
Crude oil inventories are expected to decline in the second half of 2023 (source: www.energyintel.com/). Means also higher demand and higher prices.
In July alone, the price of oil rose by 13% - more than Saudi Arabia's 10% production cut. They have certainly made good profits and want to maintain this trend for as long as possible. I expect it to continue upwards until November.
#Brent is currently trading at October contracts. I expect prices to fall as we get closer to January 2024 contracts.