Brent oil price will reach $100 in 2018!
My assumption is mainly based on the dollar index correlation, and its prediction for 2018.
Firstly, the dollar index (DXY) is falling, which means the US dollar is depreciating against other currencies.
I think, based on the Elliott Wave and Fib levels, we will see DXY at around the 85 level by the end of this year.
As is known, when the US dollar gets cheaper, commodities become costlier. When this assumption is shown on a chart, it looks like the one below.
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The chart indicates that if DXY falls to the 80-90 range, the Brent price can go up to the $90-100 range. So, DXY is falling and Brent price is rising.
We are not close to those ranges, but eventually, we will see a higher Brent price, which can also support green alternatives to some extent.
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IMPORTANT: The information above is not financial advice.
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