Azerbaijani investment company announces oil price forecasts

Oil&Gas Materials 14 November 2018 14:23 (UTC +04:00)

Baku, Azerbaijan, Nov. 14

By Taleh Mursagulov – Trend:

If the price of the benchmark Brent crude oil hits the level of $64.62 in descending order, the price may drop to $63.16 and $61.52 per barrel, the analysts at InvestAZ investment company say.

The analysts said the continuation of the downward trend is observed on the Brent hourly chart.

Alternatively, the analysts expect that the price can rise to $69.65 and $71.85 if the price hits the level of $67.6 in the upward direction.

As of 11:41 Baku time, the price of benchmark Brent crude oil is $ 65.32.

In its November report, OPEC stated that it allowed an oversupply on the oil market in 2019 in connection with the upwards revision of the forecast for the growth of production of this raw material in countries outside the cartel. The organization also lowered its forecast for oil demand growth in 2018-2019.

The reports reads that compared to September, in October, OPEC increased oil production by 127,000 barrels per day - to 32.9 million barrels. Thus, the OPEC + transaction completion rate amounted to 78 percent after 96 percent in September.


Follow the author on Twitter: @TalehMursagulov