Trading Idea - #CrudeOil

NYMEX:CL1!   Light Crude Oil Futures
My trading idea for - #CrudeOil - BUY

Entry: 82.60 USD
Target: 90.00 USD (+8.5% profit)

#CrudeOil has risen to $85 per barrel due to #Opec production cuts.
Crude oil inventories are expected to decline in the second half of 2023 (source: Means also higher demand and higher prices.

In July alone, the price of oil rose by 13% - more than Saudi Arabia's 10% production cut. They have certainly made good profits and want to maintain this trend for as long as possible. I expect it to continue upwards until November.

#Brent is currently trading at October contracts. I expect prices to fall as we get closer to January 2024 contracts.


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