Powered by: Motilal Oswal
6/08/2022 1:14:51 PM | Source: IIFL securities Ltd
Crude oil weekly update : Brent corrected by 9.22% in last week Says Mr. Anuj Gupta, IIFL Securities
News By Tags | #5964 #473 #5 #607 #5541
Crude oil weekly update : Brent corrected by 9.22% in last week Says Mr. Anuj Gupta, IIFL Securities

Below is Crude oil weekly update by Mr. Anuj Gupta, Vice President, IIFL Securities

Last week we have seen that mcx crudeoil  prices corrected by 9.64% and closed at 7086 levels. 

Brent crude oil corrected by 9.22% and closed at $93.53 levels. 
Fear of recession and lower demand of crude oil put pressure on crude oil. Recession worries have intensified since the Bank of England's warning on Thursday of a drawn-out downturn after it raised interest rates by the most since 1995.

The OPEC+ producer group agreed this week to raise its oil output goal by 100,000 barrels per day (bpd) in September.

We are expecting that crude oil may trade further lower and may test $90 to $87 levels vern soon.

 

Above views are of the author and not of the website kindly read disclaimer

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here