JP Morgan cut its forecast for European BRENT oil and their forecast is that the average will be $ 73 in 2019. The bank’s previous view was that the average price would be $ 83.50 a barrel.
Reducing demand for oil will add to prices, especially since OPEC has increased its yield. Markets are now focusing on their next meeting on December 6th. OPEC will need to cut production by about 1.2 barrels per day for the next year to rebalance the oil market.
The price remains in the sword area after a series of strong downward movements, passing under 200 and 50 average averages. Several important levels of Fibonacci were punctured as 23.6 and 38.2. If the movement continues at the same rate down, we could see a lethal crossing of the two moving averages and a Fibonacci level 50
Trader Martin Nikolov