Based on the Brent monthly average price from April to Jun, we will have an average price of $113 per barrel, higher than previous quarter's which averaged about $100 per barrel. 

Technical wise, I'd say the chart has gone pretty ugly due to the fears of recession and demand destruction, which $UKOIL personally has dropped about 20% since a month ago. Of course, Hibiscus isn't spared from the bloodbath, alongside with KLCI dropping. 

What to expect? Upcoming weeks, there'll be US Q2 GDP update, and also Feds meeting which people will be expecting a 75 or 100bps increase. If US Q2's GDP contracts again, it'll be a confirmation sign that they are heading to a recession. Is it safe to buy Hibiscus now? I'd say the risks are pretty high as recession usually will slow demand for oil as well. 

All in all, I'd recommend waiting after July 28 to decide $UKOIL and Hibiscus prospects. 

#Hibiscs #5199