Sorry, you need to enable JavaScript to visit this website.

Brent Crude Oil Forecast 29 Mar 2016

You are here

Brent Crude Oil Forecast 29 Mar 2016
5/5 of 2 ratings

Brent oil saves its price range

Yesterday, in the absence of European traders Brent crude oil made attempts to grow. The Brent could reach a high of $41, but has not found support and closed trading at $40.21.

It’s worth to note, there is no reason for the growth of the Brent oil above $41. As Reuters stated, only half of the 19 countries, invited to the meeting of oil producers in Qatar, agree to cut oil production.

The situation is not favorable to a development of events. But also, there is no reason for the sales of the oil as the market is in a state of uncertainty. Only optimists expect that the countries will take drastic measures at the meeting.

How to trade

We assume that the Brent crude oil will maintain its price range $40 - $42 today, with the potential growth to the upper range. We would buy CALL options if the Brent crude oil rises above $40.32.

Asset: Brent oil
Direction: CALL
Target price: 40.32
Expiry time: 20:00 GMT

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.

You may also read