Oil prices may continue to fall and could be at US$75.00

[forex4you]

Oil prices may continue to fall and could be at US$75.00

Oil prices may continue to fall and could be at US$75.00

West Texas Oil OANDA:WTICOUSD

SandyWang

Oil prices (Brent) have been “falling and falling” since the start of the fall from a high of 127.00 in mid-June this year. Quotes are currently around 89.55, approaching a low of around 75.00 in early 2022. The OANDA Brent candlestick below shows that at the end of February this year, when the war between  and e started, it was around 93.50. As of 08 September, 11.50 am SGT time, it was around 89.90, which has wiped out all the gains since the “-e war”. Since the outbreak of COVID-19 at the end of 2019, in mid-April 2020, Brent oil prices fell to an all-time low of around US$19 a barrel before rising to a high of around US$135.00 this year. Brent oil prices have been around US$60-US$80 a barrel since 2015, and now, even if oil returns to US$75 per barrel, it's back around the midpoint of the past seven years. Ed Morse, the Global Head of Commodities Research at Citigroup , said in a recent (June 2022) speech, “Demand for oil and refined products is falling as the economy starts bracing for a recession, and the fair value of Brent futures is in the US$70 range “.

Source: Oil prices may continue to fall and could be at US$75.00