March 18, 2022

Daily Brent Analysis and Forecast.

On Thursday, March 16, according to the results of the day, Brent crude oil rose by 9.10% to $106.93 per barrel. In the American session, the price rose to $107.45 per barrel.

The growth of prices was due to the IEA statement and technical factors. The International Energy Agency (IEA) said that since April, the oil market may miss 3 million barrels of Russian oil and oil products. Growth intensified after the breakdown of the resistance of $103.65 per barrel.

On Friday, March 18, at the auctions in Asia, oil is traded in positive territory. Traders continue to monitor the situation around Ukraine, as well as news about outbreaks of coronavirus in China. As part of the correction, prices are expected to rise to $115 per barrel.

Trade Example: Buy at current Price 10,000 units of BRENTpro with take Profit around $111,5 would result in up 41,000 EUR once take profit is reached.

Trade Example 2 : Wait for a pull back of BRENTpro price towards support at around $103.50 by Setting Pending Order with Buy Price $103.50 and Take profit at $111.5

Such Position with 10,000 Units of BRENTpro would result in up to 72,000 EUR once Take profit is reached.