Brent Crude Oil Price Sees Slight Decline as Energy Demand Concerns Persist
06.23.2023 By TankTerminals.com News - NEWS

June 23, 2023 [Benzinga]- The price of Brent crude oil commenced the new week in June with a marginal decline, reaching $75.70 per barrel.

 

Investor uncertainty regarding the expansion of energy demand remains a significant factor restricting the potential for price increases in the “black gold” market. There are currently no clear indications from global economies, particularly the United States and China, suggesting a rapid acceleration in GDP growth. Moreover, various pressures on economies, such as disruptions in the supply chain and subdued consumer demand, further contribute to this situation.

It is worth highlighting the weakened position of the US dollar, which provides some local support for oil prices. During periods of US currency depreciation, commodities tend to become more appealing for investment.

Technical Analysis:

On the H4 timeframe, Brent crude oil appears to be forming the structure of a third upward wave. Currently, it has risen to 76.06, and the market continues to consolidate around this level. There is a possibility of a breakout above this range, leading to the continuation of the third wave towards 79.19. Following the attainment of this level, a corrective pullback to 76.66 cannot be ruled out. Subsequently, there is a potential for further growth towards 80.60. The technical analysis supports this scenario, as the MACD indicator’s signal line has recently broken above the zero level, displaying confident growth towards new highs.

Brent has already formed an upward wave structure, reaching 76.06. The market is presently consolidating around this level, indicating a pattern of a continued upward trend. The projected target for this wave of growth is 79.30. Technical confirmation is provided by the Stochastic oscillator, with its signal line surpassing the level of 50 and exhibiting steady growth towards 80.

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Wood Bags Six-Year Contract on Shell’s Prelude Facility
07.12.2024 - NEWS
July 12, 2024 [Yahoo Finance]- Shell has awarded a six-year contract to engineering company Woo... Read More
Malaysia’s Bintulu LNG Plant to Get First Supplies from Jerun Gas Field
07.12.2024 - NEWS
July 12, 2024 [LNG Prime]- Malaysia’s giant Bintulu LNG plant, operated by Petronas, will soon ... Read More
Rubis Terminal Rebrands as Tepsa, Building on Legacy and Embracing Evolution
07.12.2024 - NEWS
July 12, 2024 [Storage Terminals Magazine]- Rubis Terminal is excited to announce a strategic reb... Read More
Adnoc Awards Abu Dhabi Airport Tank Farm Project
07.11.2024 - NEWS
July 11, 2024 [MEED]- Abu Dhabi National Oil Company (Adnoc) has awarded the main engineering, pr... Read More