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American investment banks have worsened forecasts for oil prices in 2019

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Banking experts at Wall Street revised downward the forecasts for oil prices in 2019, reports The Wall Street Journal. Representatives of 13 investment banks that took part in a recent survey conducted by the WSJ, predict that the average cost of Brent black gold next year will be $ 69 per barrel, not $ 77, as was previously expected, in November. Estimate for WTI crude was lowered from $ 70 to $ 63 a barrel.

Forecast and Technical Analysis of the Crude Oil Futures on March 10, 2016

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Brent: Sellers Targeting $42.20

On Monday Brent closed at $46.15 per barrel. The price gap was +1.8%. Oil was up due to the Saudi minister for oil losing his positions and the forest fires in Canada. On 7th May, the Salman of Saudi Arabia, Salman, bin Abdulaziz Al Saud, dismissed the chief of the ministry for oil, Ali al-Naimi. The ministry for oil was replaced by the newly created ministry for energy, industry and mineral resources, headed by oil company Saudi Aramco.

Expected Storm on Oil Market

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The oil bulls are pushing up the price of oil. Today the movements of oil prices are up and down. Oil is currently up with Brent on May contracts at $39.2 and WTI with April delivery at $36.9 per barrel. Support for the prices is coming from US news and stats. According to data from the US institute for oil, last week’s commercial oil reserves were up by just 1.5 million barrels; much less than expected. On the whole, the growth in reserves is slowing.

Forecast and Technical Analysis of the Crude Oil Futures on February 03, 2016

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Analysis of crude oil futures for February 3, shows that the price continues downward movement and overcame the level of S2. The targets for the downward movement is now the levels of S3 - 28.83 and S4 - 27.51, if the price remains below 30.96. The targets upward correction to the levels of 30.96 and 33.08, if the price will rebound from the level 28.83. Downward trend line makes the actual sell orders.

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