Crude Oil Outlook - Trading at 2 month high levels By Anuj Gupta, IIFL Securities
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Below is the Crude Oil Outlook - Trading at 2 month high levels By Mr. Anuj Gupta, Vice President, IIFL Securities
Last week Brent Oil increased by 4.32% and currently trading at $116.45. It is also trading at 2 month high levels.
The European Union would reach an agreement on banning Russian oil ahead of a meeting on a sixth package of sanctions against Moscow for its invasion of Ukraine.
Geopolitical tension supports the crude oil prices.
Demand in US is also expected to boost as the Memorial Day vacations weekend kicks off the start of the U.S. driving season for Americans.
We are expecting that now Brent May test $120 to $122 levels in short term.
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