Today we would like to share my opinion on the possible price of Brent Crude Oil in the coming years, analyzing the chart on a monthly timeframe
The war in Ukraine is not just a war between the two countries, it is a geopolitical problem that will affect all world economies.
The world's economies have not yet recovered from the Covid-19, and here is another blow.
Expensive energy will stop buying due to the excessive cost of production of "everything", the purchasing power of the population falls. Declining demand for oil will bring down the price.
The fall in the price of Brent oil -25% in the coming months in the area of $78-80 per barrel will be just the beginning.
But looking at the schedule, is striking the price zone of $36-46 to be a strong mirror level and this is -65% of the current price
Maybe this is a fair price for oil, from where a total restart of the world economy can take place by purchasing cheap energy resources.
Perhaps this is symbolic, but for the first time on the historical price chart of Brent, the zone of $36-46 was established as important when there were powerful geopolitical world changes: 1979-1980 - the Islamic Revolution and 1990-1991 - the collapse of the USSR
The war in Ukraine is not just a war between the two countries, it is a geopolitical problem that will affect all world economies.
The world's economies have not yet recovered from the Covid-19, and here is another blow.
Expensive energy will stop buying due to the excessive cost of production of "everything", the purchasing power of the population falls. Declining demand for oil will bring down the price.
The fall in the price of Brent oil -25% in the coming months in the area of $78-80 per barrel will be just the beginning.
But looking at the schedule, is striking the price zone of $36-46 to be a strong mirror level and this is -65% of the current price
Maybe this is a fair price for oil, from where a total restart of the world economy can take place by purchasing cheap energy resources.
Perhaps this is symbolic, but for the first time on the historical price chart of Brent, the zone of $36-46 was established as important when there were powerful geopolitical world changes: 1979-1980 - the Islamic Revolution and 1990-1991 - the collapse of the USSR
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A small rebound upwards is now possible.
But globally, there is a very large space where price can fall.
Hopefully TP 2 will be reached, patience)