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The Brent oil price chart has taken a dip falling more than 1% today. Thus, Brent oil prices had dropped down to $41.51 earlier on Monday. This is the lowest that Brent oil has gone since July 30th.
The Brent oil price did recover slightly, however, and currently Brent is trading at around $42.21 per barrel. This is even after the rather optimistic Brent oil price forecast of around a week ago when OPEC+ had successfully managed to maintain their production cuts throughout August.
However, the world is still drowning in crude oil and producers like Saudi Arabia have slashed their prices in order to cope with the falling demand. And this has caused market sentiment to turn sour, hence the downward movement in the Brent oil chart. According to analysts, there’s yet to be selling pressure ahead, which will likely see a further declining Brent oil price in September 2020.
Adding to this is the fact that Monday is Labor Day in the United States, which traditionally always marks the end of the high summer demand, which we’re immediately also seeing in the Brent oil chart analysis right now. And there’s more pressure on the Brent oil price analysis also from US companies that have started drilling more after the recovery of oil prices after their historic low. So with all this pressure on crude oil and particularly on the benchmark brand of Brent oil, September doesn’t look too rosy at all.
Watch the full video for our take on the Brent oil price forecast and what the Brent oil price chart analysis in September 2020 might look like. And let us know where you think Brent oil prices will be headed in the comments down below!
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