Forecast: Brent price may rise to $64
By Trend
There is an uptrend on the hourly chart of Brent crude oil and an attempt to consolidate the price above $60 per barrel, reads the daily report of the Azerbaijani investment company InvestAZ.
The company’s analysts recommend to be cautious when trading in oil futures.
The company believes that if the Brent crude price stays above $60, a further rise in price is possible to $62.29 and $64.49 per barrel.
Alternatively, the analysts believe that in case if the oil price breaks through the level of $58.4 per barrel in a downward direction, a further decrease in the price to $56.9 and $54.93 per barrel is possible.
As of 16:57 (GMT +4), the price of Brent was $60 per barrel.
The rise in oil prices on Nov. 28 is supported by media reports that the Buzzard oil field in the North Sea, with the production of 150,000 barrels per day, was temporarily closed after corrosion of pipes was detected.
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