Oil price daily outlook: moving upwards and breakout possible - analysis by Marko Strehk

Oil price daily outlook: moving upwards and breakout possible - analysis by Marko Strehk

According to a report by stock3.com, oil prices moved clearly upwards on Thursday. The Brent oil price managed to push above the hurdle at USD 80.48-80.93. The Brent Crude Oil Future price was $81.47.

The outlook for Brent oil prices suggests further gains towards $84.51 are possible after a breakout occurs. However, a decline to $80.93 is expected before further upside. Above all, the Brent oil price should, if possible, not fall below USD 80.00 in order not to endanger the positive development.

From an economic perspective, an increase in oil prices could impact various industries and the consumer. Industries that rely heavily on oil, such as transportation and airlines, could face higher fuel costs, which could impact their profits. Additionally, higher oil prices could lead to rising prices at the pump, which could burden consumers.

Overall, the rise in oil prices could drive inflation and put financial strain on both businesses and consumers. It is important to continue to monitor oil price developments to understand and respond to potential impacts on the economy.