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BRENT OIL. Where next?The price of Brent crude oil fell from $ 70 in early March to $ 64 per barrel, a drop of 8.5%. 📉Factors that contributed to lower oil prices were delays in vaccination in most countries. 📉Delayed vaccine supplies and local lockdowns continue to stand in the way of a full resumption of economic activity. 📉📄Also the OPEC agreement on April 1, where the participants agreed to increase oil production: OPEC+ will increase production by 350,000 barrels per day (bpd) in May and June and will continue with an increase of 450,000 barrels per day in July. 📌According to analysts, the price of oil will fall to $ 61 per barrel at the end of the second quarter, and to $ 53.4 per barrel by the end. 📌Observers note that the price of oil is reversed to the VIX index, which is now the lowest since early 2020. 📌Analyzing the chart of the VIX index, we can assume that it will reach its minimum in May 2021, and then resume growth. 📌In the short term, oil prices can be expected to respond to the global economic recovery and the fight against the pandemic. But in the long run, oil will be traded in the range of 50-55 thousand dollars per barrel.
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by Volodymyr_Ilkiv