Forecast: Oil prices may show accelerated growth

Oil&Gas Materials 5 February 2019 13:30 (UTC +04:00)

Baku, Azerbaijan, Feb. 5

By Taleh Mursagulov - Trend:

Azerbaijani investment company InvestAZ expects an impulsive growth in prices for Brent crude, Trend reports with reference to the company’s daily report published Feb. 5.

“After the accelerated downward wave [of oil prices] at the US session, support at around $61 and continuation of the uptrend is observed again,” the company said.

The company’s analysts note that if oil prices continue to remain above $62.71 per barrel, a subsequent increase in oil prices to $63.61 and $64.46 per barrel is possible.

Alternatively, InvestAZ predicts that in case of breaking through the level of $61.25 per barrel in downward direction, the price may fall to $60.43 and $59.95 per barrel.

As of 11:50 (GMT +4), the price of Brent oil was $62.59 per barrel.


Follow the author on Twitter: @TalehMursagulov