Current trend 

Brent oil prices have not changed much since the beginning of the current trading session as compared to Friday. The tool is still trading within a range of 57.97-57.69. Oil quotes rose on the uncertainty about Iran's nuclear program last week despite  the increase in US oil stocks. Iran's authorities declared that Tehran would not sign any agreements until the whole of economic sanctions were lifted. The preliminary agreement with the US cannot guarantee that the country will reach a deal with other states.

Support and resistance

On the whole, we can note that an upward trend has been formed in the oil market and it is likely to continue. The M-200 moving average at 57.34 will act as the main support level.

The nearest resistance level is 58.59 (7/8 Murray)

Trading tips 

Go long after the level of 58.59 is broken and place protective orders near a level of 58.00 with a target at 59.80

Brent: general review




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