Brent has faced stiff resistance around the $94-95 mark, hovering at the low $90s since breaking out early in September. Strategists at Rabobank analyze Oil’s outlook.
More strength in Q1 2024 to stay above the $100 mark
There is still significant upside price risk due to the underlying disparity between demand and supply.
Brent has the momentum to touch $100, however, we see more strength in Q1 2024 to stay above the $100 mark.
See – Brent Oil: Break above $100 will not be sustainable – ING
Source: https://www.fxstreet.com/news/brent-oil-has-the-momentum-to-touch-100-rabobank-202309271002