Brent crude oil prices have formed a narrow range on medium timeframes as a more favorable supply outlook and sluggish growth in global demand outweighed concerns that escalating tensions in the Middle East could affect output in the key exporting region.<\/p>
\u00a0<\/p>
At the moment, there are many concerns regarding oil prices, with market participants expecting an upcoming increase in supply from OPEC+ by the end of this year, and a still weak demand outlook from China, reflected in the country’s latest PMI data.<\/p>
\u00a0<\/p>
According to a survey of the private sector released on Monday, China’s manufacturing activity contracted sharply in September due to a drop in new orders both domestically and overseas, which sent manufacturing sector confidence to a record low.<\/p>
\u00a0<\/p>
Analysts say a series of incentives introduced over the past week is likely to be enough to bring China’s economic growth back to around 5% in 2024.<\/p>
However, lower-than-forecast data over the past few months has raised doubts about reaching that target.<\/p>
\u00a0<\/p>
Along with demand concerns, OPEC+, which brings together OPEC members and their allies, is set to increase production by 180,000 barrels per day in December.<\/p>
Meanwhile, US stocks of crude oil and petroleum products are expected to fall by about 2.1 million barrels, acording to a preliminary Reuters poll released on Monday.<\/p>
\u00a0<\/p>
The final recommendation<\/strong> is to buy Brent, provided that the actual US crude oil inventories are lower than the estimated 2.1 million barrels.<\/p> The profit is taken at the level of 73.3. The loss is fixed at the level of 70.7.<\/p> The volume of the opened position is determined so that the amount of the possible loss, fixed with a protective stop order, does not exceed 2% of your deposit funds.<\/p>","protected":false},"excerpt":{"rendered":"Market analysis by financial analysts and experienced traders. Forecast for Brent.","protected":false},"author":1,"featured_media":5656,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-5676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forecasts-en"],"translation":{"provider":"WPGlobus","version":"2.12.2","language":"en","enabled_languages":["ru","en"],"languages":{"ru":{"title":true,"content":true,"excerpt":true},"en":{"title":false,"content":false,"excerpt":false}}},"yoast_head":"\r\n