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

Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

Follow us in social networks!
Live Chat
Leave feedback