Home Brent to float within the $40-$43 range as oil price outlook remains weak – OCBC
FXStreet News

Brent to float within the $40-$43 range as oil price outlook remains weak – OCBC

Crude oil is expected to return to its consolidation phase, with front-month Brent expected to stay range-bound between $40-$43/bbl, according to Howie Lee from OCBC Bank. 

Key quotes

“The one-to-six month Brent spread has stayed relatively stable at about $2/bbl in the past week, while VLCC rates appear to have eased. It looks like the market is leaning towards creating near-term demand via lower prices.”

“The failure of Brent to stay above $43/bbl last week suggests that the market structure is still bearish at the moment.”

“We expect Brent to hover between $40-$43/bbl for now.”

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.