The G20 summit took place in Bali, Indonesia, on November 2022…
Wall St banks forecast oil at $100
Information is not investment advice
Financial giants such as JPMorgan and Goldman Sachs anticipate crude oil to skyrocket as high as $100 as the global economy rebounds. Oil prices haven’t been at such a high level since 2014. What are the reasons behind banks’ optimism? The banks believe that Biden’s fiscal stimulus of $1.9 trillion will boost consumption and thus increased demand in combination with massive output cuts would fuel the recent surge in oil prices. However, there is still much depends on OPEC+ decisions on oil supply.
Biden’s green agenda
All these banks’ forecasts are good, but won’t oil be replaced by alternative energy resources? The US President committed to fight climate change and support the development of electric vehicles. His goal is to make the US carbon-free by 2050. It seems that there is no place for crude oil in our future. Yes, but JPMorgan assured: “We’re going to be short of oil before we don’t need it in the years to come. We could see oil overshoot towards, or even above, $100 a barrel.” Besides, Goldman Sachs emphasized that Biden’s stimulus will be directed to middle and low-class people, who mostly drive petrol-drive cars, not Teslas.
Brent crude has gained more than two-thirds so far since October and reached $63 a barrel. The price has broken through all weekly moving averages, confirming an uptrend. Now the price is just under the key psychological level of $65.00. If it manages to break it, the way up to the high of January of the last year at $70.00 will be clear. Support levels are at the 200-week moving average of $59.00 and the low of late January at $55.00.
The current ᏟᖴᎠ for Brent oil is BRN-21J, which expires on February 26.
The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus