Current trend

Close to record levels, natural resources extraction still influences Brent crude oil prices. Last week, US oil production rose by 9.6 million barrels a day. Gasoline and distillate inventories figures, which rose to 680.000 and 1.84 million barrels, have negative impact on crude oil prices.

The nearest resistance level is 63.67. If the price breaks through it, long positions should be opened with target at 64.80 (MA200), this is the key level, which is difficult to overcome.

Support and resistance

The nearest resistance level is 63.67 - 3/8 Murray level.

Support level is 63.28 - 2/8 Murray level.

Trading tips

Open long positions after the breakout of 63.67 with protective order at about 63.00 and target at 64.75.

Brent: general analysis




The material published on this page is produced by LiteForex and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.



Follow us in social networks!
Live Chat
Leave feedback