FxWirePro: Maintain long positions in Brent; target looms at $74 per barrel
In March, we called on our readers to go long on Brent with targets around $71.5 per barrel, https://www.vinsonfinancials.com/en/financial-news/1175535-fxwirepro-oil-price-consolidates-brent-bulls-target-test-of-72-per-b…
Thanks to yesterday’s rally, while WTI has reached another of the interim target as it currently trades at $61.7 per barrel, Brent is yet to break the $70 per barrel area.
With fundamentals remaining strong,
According to Reuters’ production survey, OPEC production is set to decline by another 0.28 million barrels per day in March.
Backwardation has increased significantly compared to the near month; currently stands at $1.76 per barrel.
Non-OPEC supplies are expected to decline further.
we continue to expect the Brent to reach the forecasted targets.
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