Oil Prices Could Recover 9%
The oil market has been experiencing significant pressure, with Brent crude prices plunging by 17.0% to $71.00 per barrel over the past 10 weeks, most of the losses occurring in September. This sharp decline has pushed the market into oversold territory, especially as prices have now hit a strong support zone at $70.00-72.00 per barrel.
The short-term target for a potential rebound is 9.0% higher, in the $77.00-78.00 range. Large investors, including those involved in the United States Oil Fund LP (USO), have reportedly made substantial bets on an oil price recovery when prices were around $74.00-75.00 per barrel. These investors are aiming for an average profit of 4-5%, which aligns with the defined target.
For risk management, a stop-loss could be set at $64.50 per barrel.
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