Brent oil remains in red on Friday, but near-term price action stays above initial supports 56$-54$ Technical outlook remains bullish and sees scope for fresh upside after consolidation phase as minor retrace
Oil price gains were impressive in September and many analysts are now convinced that the bearish market is only a reminder of the price that could continue to recover the losses of recent years.56.80
To provide further support to the oil price, the EIA that revised the 2017 and 2018 forecasts on the demand for black gold that, apparently, will rise more than expected.
Our advice is to stay long until the price of Brent oil will remain above 50 per barrel.
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