Trading Idea - #CrudeOil
My trading idea for - #CrudeOil - BUY
Entry: 82.60 USD
Target: 90.00 USD (+8.5% profit)
#CrudeOil has risen to $85 per barrel due to #Opec production cuts.
Crude oil inventories are expected to decline in the second half of 2023 (source: energyintel.com/). Means also higher demand and higher prices.
In July alone, the price of oil rose by 13% - more than Saudi Arabia's 10% production cut. They have certainly made good profits and want to maintain this trend for as long as possible. I expect it to continue upwards until November.
#Brent is currently trading at October contracts. I expect prices to fall as we get closer to January 2024 contracts.
Entry: 82.60 USD
Target: 90.00 USD (+8.5% profit)
#CrudeOil has risen to $85 per barrel due to #Opec production cuts.
Crude oil inventories are expected to decline in the second half of 2023 (source: energyintel.com/). Means also higher demand and higher prices.
In July alone, the price of oil rose by 13% - more than Saudi Arabia's 10% production cut. They have certainly made good profits and want to maintain this trend for as long as possible. I expect it to continue upwards until November.
#Brent is currently trading at October contracts. I expect prices to fall as we get closer to January 2024 contracts.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.