Brent has faced stiff resistance around the $94-95 mark, hovering at the low $90s since breaking out early in September. Strategists at Rabobank analyze Oil’s outlook.
More strength in Q1 2024 to stay above the $100 mark
There is still significant upside price risk due to the underlying disparity between demand and supply.
Brent has the momentum to touch $100, however, we see more strength in Q1 2024 to stay above the $100 mark.
See – Brent Oil: Break above $100 will not be sustainable – ING
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
NZD/USD consolidates gains near 0.6200 after RBNZ's hawkish pause, Orr
NZD/USD is consolidating sizeable gains near 0.6200, having spiked to a fresh three-month peak of 0.6209 after the RBNZ left its cash rate unchanged at 5.5% but left the door ajar to further interest rate hikes. RBNZ Governor Orr addresses the press conference.
AUD/USD defends gains around 0.6650 amid mixed Australian data
AUD/USD is trading around 0.6650, defending gains for the fifth consecutive day on Wednesday. Broad US Dollar weakness and mixed Australian data is keeping the pair supported amid cautious optimism. Strong Australian construction output data offset softer monthly inflation pritnt.
Gold rally extends into $2,040 as Fedspeak sparks Fed pivot bets
Gold price climbed on Tuesday in their best single-day performance in over six weeks, climbing 1.5% on the day and settling at a seven-month peak of $2,044. Markets saw a risk rally as investor sentiment bid up assets across the board, sparked by Dovish Fed comments that sent Gold climbing on the day.
Solana price nears $60 after 6% rise in a day as institutions pour millions into SOL
Solana price has consistently impressed investors this past year with continued growth. This sentiment has been shared by institutions as well, who have made SOL their most preferred altcoin.
Global growth outlook remains cloudy and grey
Prospects for the global economy have dimmed slightly over the past month, with restrictive monetary policy set to weigh on growth prospects for next year. The forecast for global GDP growth in 2023 remains unchanged at 2.8%, while the forecast for 2024 global GDP growth has been revised slightly lower to 2.3%.