We believe the $65 level represents a significant bottom, marking the end of the current corrective phase. Based on cycle analysis, we expect oil to rise steadily from this level, with a target of $97. This upward movement is anticipated to occur by late January 2025, potentially driven by a combination of supply-demand dynamics and broader market trends. As the price approaches this target, we will closely monitor the technicals for any signs of potential reversals or extensions.
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