Is Brent Oil Heading towards 36 in a couple of Months

If respite do not come for Brent Oil in terms of buyers to increase demand between 50 and 55.25, the black gold is likely to make a higher low at around 36 in a couple of months. Looking at the chart, it took Brent Oil about two and half years to rally from its low at 27.08 in January 2016 to its high at 86.72 during October 2018. Since after that, it has being on a decline. Using this assumption one can expect Brent Oil to make another low around 36 (if demand is not drastically increased around 50 mark), in the next 2 years - 2021.

OPEC, Non-OPEC countries and unconventional oil & gas producing countries actions and inactions have a big role to play in determining the future of the price of oil within this period...

This analysis is based on my technical analysis opinion and not to be construed as a trading advise.

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