📊TECHNICAL ANALYSIS - DAILY TIMEFRAME
US CRUDE OIL price shows more bearish bias to approach 90.00 barrier, affected by stochastic negativity, while the main bullish trend scenario still active as long as 89.10 level remains intact, supported by the EMA50 that carries the price from below, reminding you that our main waited targets begin at 92.35 and extend to 93.20.
The expected trading range for today is between 89.50 support and 92.50 resistance.
📊QUICK FUNDAMENTAL LOOK
US CRUDE OIL prices are expected to remain above $90 a barrel for the next four years according to the annual survey for energy specialists done by Reuters. Most estimates were only $4-10 a part, and the price expectations are much higher than before the Russian invasion of Ukraine, and nearly $20 higher than 2020 before Covid 19. According to this year's survey, average prices are expected to reach $87 in 2023, down from $99 in 2022 after the Russian invasion of Ukraine and western sanctions. Over 90% of responses to the survey estimated prices at between $70 and $105 for the next four years. Averages prices are estimated at $90 by 2027.
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