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Oil dropped below $100 for the first time since April


July, 06 2022
watermark Economic news

The price of Brent crude oil dropped below $100 per barrel for the first time since April 25. The daily low was fixed at $99.09 per barrel. The price of futures for North American WTI crude oil fell to $95.54 per barrel. 


Analysts assume that the decline in the oil market will continue further. By the end of 2022, experts expect Brent at $65 per barrel, and by the end of 2023, the price will be at $45. The main reason for the decline in the value of «black gold» analysts call reduced demand due to a possible recession in the economy. 


Economists also offer their forecasts for the coming months. Some suggest that by the end of July, Brent will fall to $85 per barrel. An additional impetus to the decline in oil prices was the widespread strengthening of the US dollar – the US currency jumped to 20-year highs. 


If we consider the technical picture of the current situation, then we can assume a logical rebound here. At the same time, the $107-108 per barrel zone may act as a mirror resistance. A strong support zone from below is located around $97-99 per barrel. It can be expected that oil prices will consolidate in this range for some time.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.