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Brent oil price: Technical outlook and price forecast for Friday, December 15, 2023
According to a report by stock3.com, Brent oil prices recorded a significant increase on Thursday, continuing the steeper downward trend. It managed to rise above the hurdle at USD 76.65. The price is currently at USD 76.96, and further price gains towards USD 79.04 are possible in the short term. As an economist, it is important to note that rising oil prices typically lead to higher production costs, which can impact end-user prices. Increased oil prices could also cause companies that rely heavily on oil and oil products to have higher operating costs, which in turn could impact their profit margins. …
Brent oil price: Technical outlook and price forecast for Friday, December 15, 2023
According to a report by stock3.com, the Brent oil price recorded a significant increase on Thursday and continued the steeper downward trend. It managed to rise above the hurdle at USD 76.65. The price is currently at USD 76.96, and further price gains towards USD 79.04 are possible in the short term.
As an economist, it is important to note that rising oil prices typically lead to higher production costs, which can impact end-user prices. Increased oil prices could also cause companies that rely heavily on oil and oil products to have higher operating costs, which in turn could impact their profit margins.
In addition, rising oil prices can also impact stock markets, particularly companies in the energy sector. Investors could rebalance their portfolio to benefit from rising prices or to minimize potential risks.
It is important to note that the price of oil is influenced by many factors, including supply and demand, geopolitical events, weather conditions and international political developments. Therefore, it is crucial to closely monitor the volatile oil price movements and analyze their impact on various industries and the market.
Read the source article at stock3.com