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Weekly Oil Prices Forecast and Technical Analysis Oct 29, 2023

Weekly Oil Prices Forecast and Technical Analysis

Despite continued fears that the Hamas-Israel conflict could involve more actors in the Middle East, oil prices rose by 2% early on Friday.

Looking at the daily chart, as the price reached the broken trendline at $94, it dropped during the last week and couldn’t see upper prices.

The Brent crude oil is ranging between the $84 support and the 50% Fibonacci retracement level of $95, and ranging in the same price is predicted for the next week.

Predicted and analyzed by Rumays specialists group.

Earlier on Friday in Asian trade, oil prices rose by 2% after the Pentagon said that U.S. military forces conducted self-defense strikes on two facilities in eastern Syria used by Iran’s Islamic Revolutionary Guard Corps (IRGC) and affiliated groups. These precision self-defense strikes were a response to a series of ongoing and mostly unsuccessful attacks against U.S. personnel in Iraq and Syria by Iranian-backed militia groups that began on October 17, the U.S. Department of Defense said.

There are some factors that support crude oil prices. China, the world’s largest crude oil importer, approved a 1 trillion-yuan (137 billion dollars) sovereign bond issue that could improve its economic situation. Moreover, a reduction in crude oil reserves in the United States, the largest consumer of crude oil, has supported prices. According to the American Petroleum Institute, sources announced that U.S. reserves were expected to decrease to 2.7 million barrels in the week ending on October 20, while eight analysts in a Reuters survey estimated a 200,000 barrel increase.

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Weekly Oil Prices Forecast and Technical Analysis Oct 29, 2023