{"id":3162,"date":"2024-06-17T14:10:33","date_gmt":"2024-06-17T11:10:33","guid":{"rendered":"http:\/\/27.preview.freshtone.ru\/selling-brent-with-a-target-of-80-5-per-barrel\/"},"modified":"2024-06-17T14:10:33","modified_gmt":"2024-06-17T11:10:33","slug":"selling-brent-with-a-target-of-80-5-per-barrel","status":"publish","type":"post","link":"https:\/\/27-preview.freshtone.ru\/en\/selling-brent-with-a-target-of-80-5-per-barrel\/","title":{"rendered":"Selling Brent with a target of $80.5 per barrel"},"content":{"rendered":"

Last week, the International Energy Agency\u2019s June report was published. Here’s a look at its key points:<\/p>


<\/p>

\u201cWorld oil demand growth continues to slow, with 2024 gains now seen at 960 kb\/d, 100 kb\/d below last month\u2019s forecast.\u00a0<\/p>

Global oil supply rose by 520 kb\/d in May to 102.5 mb\/d. For the year as a whole, production increases by 690 kb\/d, led by non-OPEC+ gains of 1.4 mb\/d. OPEC+ supply falls by 740 kb\/d if voluntary cuts are maintained. In 2025, global supply is forecast to rise by 1.8 mb\/d, as non-OPEC+ output increases by 1.5 mb\/d.<\/p>


<\/p>

2024 and 2025 crude runs forecasts are 100 kb\/d higher than last month\u2019s Report, at 83.5 mb\/d and 84.2 mb\/d, respectively. Stronger OECD 2Q24 throughputs outpaced still-weak Chinese runs, which slumped to Covid-era lows in April.<\/p>

Global observed oil inventories built by 19.3 mb in April.\u00a0<\/p>


<\/p>

After the 2 June OPEC+ meeting, traders took a bearish view of the gradual unwinding of last year\u2019s voluntary output cuts.\u201d<\/p>

In summary, the findings of the report indicate that there might be an excess of oil supply over demand. In other words, the market is experiencing a bearish sentiment.<\/p>


<\/p>

According to CME Group data, the open interest on today’s expiry day (June 17) is 1228 for call options and 2074 for put options. <\/p>


<\/p>

Thus, the buy\/sell ratio is at the level of 0.62. If we consider the bearish trend, the likely target for Brent<\/a> will be the price level of 80.5.<\/p>

The possible downward movement is supported by the bearish divergence of the Brent price and the RSI.<\/p>


<\/p>

The overall recommendation <\/strong>is to sell Brent oil.<\/p>

Profits should be taken at the level of 80.5. A Stop-Loss could be set at the level of 85.0.<\/p>

The possible loss should not exceed 2% of your deposit funds.<\/p>

\u00a0<\/p>


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