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Weekly Oil Prices Forecast and Technical Analysis Oct 15, 2023

Weekly Oil Prices Forecast and Technical Analysis

According to the forecast last week, the Brent crude oil price returned from the support area (82-84) as you see on the daily chart below, and reached around $91 with more than %5 rise on Friday.

Oil prices rose more than 5% on Friday following the U.S.’s enhancement of sanctions against Russian crude exports, and ongoing conflict between Israel and Hamas.

The Brent crude oil price is expected to keep rising for the next week and re-reach around $95 at the 50% Fibonacci retracement level. And then, according to probable direction drawn on the daily chart, the price can rally into $100 in the following weeks.

Brent Oil Price Technical Analysis Oct 15, 2023

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U.S. sanctions

The United States has slapped sanctions on two tanker owners for carrying Russian oil sold for over $60 per barrel.

The U.S. on Thursday tightened sanctions against Russian crude exports, restricting two shipping companies that it said violated the G7?s oil price cap, a mechanism designed to retain a reliable supply of Russian flows in the market while curbing the Kremlin’s war chest.

The YasaGolden Bosphorus tanker, which is owned by Turkey-based Ice Pearl Navigation Corp, was said to have carried crude oil priced above $80 a barrel after the price cap took effect.

Meanwhile, OFAC said the SCF Primorye, which is owned by UAE-based Lumber Marine SA, carried Russian oil priced above $75 a barrel from a port in Russia after the price cap mechanism came in.

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Weekly Oil Prices Forecast and Technical Analysis Oct 15, 2023