The Brent crude oil price faced demand last week and could break 88 USD on Friday. Now 88 has become an important support for oil and we will see an upward trend in the future.
As you can see in the chart, the most important resistance in front of the Brent crude oil price is 100, which overlaps with the 61.8% Fibonacci retracement level, and there is also resistance of 95 at the 50% Fibonacci retracement level.
So, for the next weeks, we expect the Brent crude oil price to reach the levels of 95 and 100 dollars.
Aramco Looks to Break Another Record With $50 Billion Share Offering
The world’s largest oil company, Saudi Aramco, is considering the world’s largest offering, according to the Wall Street Journal.
According to Saudi officials and “other people familiar with the plan,” Saudi Aramco is considering selling off as much as $50 billion in shares. If The Kingdom goes through with the share sale, it would be the largest share sale in history.
The share sales will be hosted on the Riyadh exchange, Tadawul. That decision was reached after a series of advisor consultations that spanned months, in order to insulate Aramco from possible legal challenges that could arise from listing on a foreign exchange.
Russia To Divulge OPEC+ Deal Parameters Next Week
Russia will disclose the details of the deal with OPEC+ next week, Russian Deputy Prime Minister Alexander Novak told President Vladimir Putin on Thursday, according to Reuters.
Novak did not specify exactly which details would be disclosed.
Putin asked Novak at a televised government meeting if he had reached an agreement with OPEC+ to reduce oil supply. It was not immediately clear whether the deal involves production cuts, export cuts, or both.
The current deal Russia has with OPEC+ would see the country’s oil exports cut by 500,000 bpd. On top of this, Moscow has also promised to reduce its oil exports in August by another 500,000 bpd and to cut September shipments by 300,000 bpd.
The oil output cuts in Russia have been holding back its top producer Rosneft from fully realizing its potential, the chief executive of the state-controlled oil giant, Igor Sechin, said just one day earlier, on Wednesday.