Brent Oil on an Upward Trajectory: A Comprehensive Overview

<p><strong>By <a href="https://roboforex.com/?utm_source=investmarco.com&amp;utm_medium=pr&amp;utm_campaign=rf_en_external_article_04092023&amp;utm_content=analysis&amp;utm_term=forecast&amp;a=ohrb"><u>RoboForex</u></a> Analytical Department</strong></p>
<p>The price of Brent crude oil is showing positive momentum, stabilizing at approximately $88.57 per barrel as of Monday. The market sentiment is predominantly bullish.</p>
<p>This upward trend is supported by encouraging economic data from both China and the United States. Specifically, China&#8217;s business activity outperformed expectations in August, lending some optimism to projections for oil demand. However, it&#8217;s worth noting that the strength of the U.S. dollar could act as a moderating factor on crude oil price gains.</p>
<p>In terms of supply, Baker Hughes&#8217; recent statistics reveal that the count of active oil rigs in the U.S. remains stable at 512 units. Meanwhile, Canada saw a minor decline, with one rig going offline, bringing its total to 114 units.</p>
<p><strong><b>Technical Analysis of </b></strong><a href="https://roboforex.com/beginners/info/charts/energies/brent/?utm_source=investmarco.com&amp;utm_medium=pr&amp;utm_campaign=rf_en_external_article_04092023&amp;utm_content=analysis&amp;utm_term=forecast&amp;a=ohrb"><strong><u><b>Brent Oil</b></u></strong></a></p>
<p>On the 4-hour chart for Brent, the price trajectory suggests robust growth. This upward movement can be interpreted as targeting a level of $93.93. Once this price target is achieved, a price correction to $87.70 is anticipated, potentially accompanied by a retest from above. Subsequently, analysts expect the price to climb to the initial target of $104.00. The Moving Average Convergence Divergence (MACD) indicator corroborates this outlook, with its signal line directed sharply upward, indicating the possibility of reaching new highs.</p>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/BRENTH4.png"><img data-dominant-color="eeeef1" data-has-transparency="true" style="–dominant-color: #eeeef1;" decoding="async" fetchpriority="high" class="has-transparency aligncenter size-full wp-image-215347" src="https://investmacro.com/wp-content/uploads/2023/09/BRENTH4.png" alt="" width="1593" height="707" srcset="https://investmacro.com/wp-content/uploads/2023/09/BRENTH4.png 1593w, https://investmacro.com/wp-content/uploads/2023/09/BRENTH4-160×71.png 160w, https://investmacro.com/wp-content/uploads/2023/09/BRENTH4-1024×454.png 1024w, https://investmacro.com/wp-content/uploads/2023/09/BRENTH4-150×67.png 150w, https://investmacro.com/wp-content/uploads/2023/09/BRENTH4-768×341.png 768w, https://investmacro.com/wp-content/uploads/2023/09/BRENTH4-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /></a></p>
<p>On the 1-hour chart, Brent has already seen a surge to $87.70, and a consolidation pattern has emerged around this price point. A breakout above this level has set the stage for an extension to $90.00, from where the upward trend could potentially continue to $93.93. The Stochastic oscillator lends technical support to this scenario; its signal line has bounced off the 20-point level and is advancing toward 50. Should it surpass this level, further upward movement to 80 is highly likely.</p>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/BRENTH1.png"><img data-dominant-color="f0f2f5" data-has-transparency="true" style="–dominant-color: #f0f2f5;" decoding="async" class="has-transparency aligncenter size-full wp-image-215346" src="https://investmacro.com/wp-content/uploads/2023/09/BRENTH1.png" alt="" width="1593" height="707" srcset="https://investmacro.com/wp-content/uploads/2023/09/BRENTH1.png 1593w, https://investmacro.com/wp-content/uploads/2023/09/BRENTH1-160×71.png 160w, https://investmacro.com/wp-content/uploads/2023/09/BRENTH1-1024×454.png 1024w, https://investmacro.com/wp-content/uploads/2023/09/BRENTH1-150×67.png 150w, https://investmacro.com/wp-content/uploads/2023/09/BRENTH1-768×341.png 768w, https://investmacro.com/wp-content/uploads/2023/09/BRENTH1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /></a></p>
<p>In summary, both short-term and medium-term technical indicators suggest that Brent oil prices are poised for further gains, although external economic factors could introduce some volatility.</p>
<p><u>Disclaimer</u></p>
<p><em><i>Any forecasts contained herein are based on the author&#8217;s particular opinion. This analysis may not be treated as trading advice. </i></em><em>RoboForex bears no responsibility for trading results based on </em><em><i>trading recommendations and reviews contained herein.</i></em></p>