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According to analysts of the largest bank UBS, the oil will be able to return to levels of $70– $75 per barrel in the next three months. Experts believe that the previous forecasts about the dynamics of prices for black gold were too pessimistic and rely on the gradual appreciation of raw materials.
UBS believes that the oil market is experiencing difficulties because it ignores the positive effect of lowering Fed rates. Experts include a pause in the trade war between the US and China as a positive aspect affecting the black gold market. UBS analysts also recommend market participants to take into account geopolitical risks, which include the military conflict in the Middle East. They assume that it can provoke a rise in oil prices to$ 90 per barrel.
Many analysts believe that the situation on the oil market is shaping up in favor of the bears at the moment. At the same time, a moderate rise in the black gold market forms bullish investment strategies that are often profitable. Positive dynamics of oil reserves in the United States may be the key to success for the "bulls", experts believe. At the moment, the weekly data on stocks from the Energy Information Administration (EIA) became a guideline for the bulls, which is a kind of lifeline that will help them to swim. The oil dynamics from EIA supported those market participants who took long positions and helped compensate for a number of "bearish" consequences of previous statistics.
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