[Prediction] Can oil hit $90 or not?
Click to vote. Guess how will $Brent Last Day Financial - main 2310(BZmain)$ close Friday 11/8 ? If you get the correct answer, you may divide 1000 Tiger Coins with other Tigers.
WTI crude $WTI Crude Oil - main 2309(CLmain)$ up 20% in past six weeks, Brent $Brent Last Day Financial - main 2310(BZmain)$ up 17%.
Over the weekend, Ukraine launched a naval drone attack on Russia’s port of Novorossiysk, a critical hub on the Black Sea for Russian oil exports. Ukraine did not immediately respond to CNBC’s request for comment.
In addition, the world’s top oil exporter Saudi Arabia last Thursday extended its voluntary crude oil output cut of a million barrels per day to the end of September. Saudi Arabia’s million barrel per day cut was implemented in July through to August, and the cut “can be extended or extended and deepened,” the state-owned Saudi Press Agency said last week.
Russia, the world’s second largest oil exporter, also pledged Thursday to voluntarily trim oil exports by 300,000 million barrels per day in September.
The main drag on prices remains the economic outlook for the biggest consumers. Until recently, the fear of a recession in the U.S. held sway over traders, but recently the outlook brightened, which contributed to higher prices.
What analyst says？
Citi’s Ed Morse was slightly more optimistic about crude oil supplies after September. Morse, global head of commodity research at the bank, says Saudi Arabia and Russian output is “likely to come back” in October, and that oil prices will hit $90 per barrel at most this quarter.
💰Event Details
Click to vote. Guess where $Brent Last Day Financial - main 2310(BZmain)$ will move following their earnings? If you get the correct answer, you may divide 1000 Tiger Coins with other Tigers.
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⏰Event Duration
The deadline for this event is 21:00 on 11 August 2023
Is the price of Brent oil above 90% this week？(Single choice)Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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🌟🌟🌟Oil prices are the highest since January this year as demand is outpacing supply. The current ongoing war in Ukraine has exacerbated the oil supply situation as US and its allies have an ongoing ban on Russian oil. This plus the reduction of oil production by OPEC will keep oil prices rising.
The only thing that keeps oil prices from rising further is the fear of recession and weaker demand from China and the US. But oil prices have gone up in 6 weekly gains and may continue its upward trajectory to hit 90 dollars later this week.
So I predict a Rise in Brent Crude Oil to hit 90 dollars this week.
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Sure