Brent Has a Potential to Jump to $90.00
15.02.2024, 12:20

Brent Has a Potential to Jump to $90.00

Brent crude prices experienced a 0.9% decline to $81.40 per barrel over the week, initially climbing by 1.8% to $83.74 per barrel before retracing. The retracement followed the report of a significant increase in U.S. oil inventories by 12.0 million barrels, marking the largest rise since November 2023. This substantial growth surpassed expectations of a 5.5 million barrel increase.

Although the unexpected surge in inventories led to a temporary setback, oil prices are still navigating within a resistance zone of $81.00-83.00 per barrel. The United States Oil Fund LP (USO) reported capital inflows of $35.9 million last week, indicating investor anticipation for a potential continuation of upward momentum in oil prices. This marks the third consecutive week of reported inflows.

Technical signals suggest that oil prices are entering a favorable upside period expected to last until the middle of March. To extend this upward trajectory, prices need to surpass the $83.00 threshold, opening the path to the next resistance level at $87.00-92.00 per barrel for Brent crude.

Several factors could impact oil prices moving forward. The unexpected recovery in U.S. inflation for January may delay potential interest rate cuts by the Federal Reserve (Fed) until at least June, impacting demand for energy. The outlook for global oil demand is influenced by conflicting reports, with OPEC expecting a rise of 2.2 million barrels per day (bpd) in 2024, while the International Energy Agency (IEA) anticipates an increase of 0.2-1.3 million bpd. Economic challenges, particularly in the UK, where a recession occurred in Q4 2023, may contribute to a slowdown in global oil demand.

The ongoing conflict in the Middle East remains a critical factor influencing oil prices. Threats from Houthi rebels in Yemen to disrupt maritime traffic in the Red Sea, coupled with potential military actions, such as Israel's planned assault on the city of Rafah, add geopolitical tension. The Unicef says that there are more than 1.4 million people in Rafah, and there is no opportunity to evacuate them for site. The assault may have a dire consequences for the civilians trapped in Rafah. Therefore, neighboring Arab nations may join the conflict. This could send prices up to $90.00 per barrel of Brent crude.

  • Name: Sergey Rodler
Symbol Bid Ask Time

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at

Live Chat E-mail
Choose your language / location