![Brent Crude Oil price recovery is observed for the third consecutive day [Photo: Investing.com UK]](https://omdnews.com/wp-content/uploads/2023/08/Investing.com-UK.jpg)
As the new week begins, the commodity market has stabilized. The price of Brent Crude Oil is hovering around $85.40. This price recovery was observed for the third consecutive day. These market expectations are tied to China’s belief that the Chinese officers will implement additional measures in their stimulus-driven economic policy.
![Brent Crude Oil Is Hovering Around $85.40 As The New Week Begins [Photo: Energy News]](https://omdnewsnew.s3-accelerate.amazonaws.com/2023/08/Energy-News.jpeg)
Brent Crude Oil Is Hovering Around $85.40 As The New Week Begins [Photo: Energy News]
Brent Crude Oil Is Hovering Around $85.40
SOURCE– Brent Crude Oil is hovering around $85.40 as the new week begins. The crude oil price recovery was observed for the third consecutive day. These market expectations are tied to China’s belief that the Chinese officers will implement additional measures in their stimulus-driven economic policy.
The market players continue to exercise caution. The Federal Reserve System has announced its readiness to continue tightening the monetary policy to fight inflation. But, China’s recovery seems not going to happen due to Chinese demand fading because China bought a lot of crude oil for storage. China is keeping a lot of crude oil.
The H4 Brent chart says the price has rebounded from the support level and now it developed an ascending wave to 88.50 a local target. After the crude price reaches it, a link of declining correction to 88.75 may to follow. Then, there is an expected rise to 94.50. On the H1 Brent Chart says a rise to 85.30 has formed. As of August, a narrow consolidation range was expected to develop to 86.66 from where the trend could continue to 88.50.
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