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FxWirePro Call Review: Brent crude target extended from $59 to $65 per barrel

In an article published in late July, named, “FxWirePro: Buy Brent crude targeting $59 per barrel on Saudi export curb and Nigerian ceiling”, available at https://www.econotimes.com/FxWirePro-Buy-Brent-crude-targeting-59-per-barrel-on-Saudi-export-curb-and-Nigerian-ceiling-821113 we recommended buying Brent crude to our readers at the then current price of $50.7 and at dips around $49 and $48.5with an initial target around $59 per barrel and stop loss at $45 per barrel.

The call is currently $5.7 per barrel in the money from the first call price and we remain optimistic about reaching the target. We can note that since our call in July, the Brent crude market has dipped further into backwardation, indicating higher supply crunch in the cash market, pointing to some effectiveness of the OPEC agreement, which is aimed at reducing global oil supplies by 1.76 million barrels per day. The chart shows the Brent forward curve which clearly shows the level of backwardation.

In this article, we would like to extend our bullish target from $59 per barrel to $65 per barrel with $59 being the interim target. Profit bookings are recommended in the tune of 50 percent at the interim target.

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November 24 15:30 UTC Released

USECRI Weekly Index*

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145.6 %

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145.6 %

November 24 14:45 UTC Released

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54.6 %

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54.6 %

November 27 09:00 UTC 27442744m

ITExport Prices*

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111 %

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ITImport Prices*

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116.1 %

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MXTrade Balance, $*

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-1.886 Bln USD

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MXTrade Balance SA*

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-1.559 Bln USD

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USDallas Fed mfg bus index

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27.6

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KRBOK Manufacturing BSI*

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87 Bln BRL

November 28 00:00 UTC 36443644m

BRCentral Govt Balance

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-22.725 Bln BRL

November 28 07:00 UTC 40644064m

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10.7 %

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