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Brent Oil Spot

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The Price of Brent Oil Approaching the Highs of the YearThe price is driven up by: → the policy of limiting oil production by OPEC+ countries. For example, Saudi Arabia last week announced a cut in production by 1 million barrels per day until the end of September, adding that the decision could be extended. Russia is also reducing production volumes. We wrote about the scenario of increasing growth in the price of Brent oil due to production cuts in a post dated July 7; → hopes/rumors that the Chinese authorities will stimulate the economy, which is not recovering enough after the lifting of COVID-related restrictions. Selling pressure is driven by: → raising rates by Western central banks to fight high inflation. Under the influence of these and other factors, the price of Brent oil rose close to the highs of the year around USD 87 per barrel, forming an upward channel. At the same time, in August, the price bounced strongly from its lower border twice, indicating the strength of demand. On the other hand, the progress of the bulls in the formation of the August high is very small, if you compare this peak with the previous one, set on the 2nd of August — a sign of the exhaustion of the bullish momentum. It is reasonable to assume that the market can find a balance at current levels, and the price will enter the consolidation range, as holders of long positions can take profits after the increase in the price of Brent oil by more than 14% since July 1. At the same time, false breakdowns of the high of the year are not ruled out. Important levels: → USD 87.15 – resistance of the high of the year; → USD 86.45 – resistance from August high; → borders of the ascending channel. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XBRUSD
by FXOpen
How long can the oil price rise? How long can the oil price rise? It’d be quite possible to see an extended uptrend with Brent retesting $97 later this year if sentiment in markets remains generally positive and fears of recession don’t clearly return. Oil can often trend for quite a long time compared to other popular CFDs, so if this is indeed a new main uptrend it might continue into the fourth quarter. However, sentiment will almost certainly change to some degree when significant activity returns to markets in September. Negatives for crude fundamentally include weaker economic data from China in recent months combined with Russia’s avoidance of sanctions by exporting through Saudi Arabia, though the latter specifically and OPEC+ generally seem to be determined to keep prices high. Equally, January’s high around $88.40 might be an important resistance which could resist testing. The main goal as a trader of oil during seasonally low volume is usually to avoid entries at extremes while trying to use support, moving averages and others to determine when a retracement becomes short-term downtrend.
BLACKBULL:BRENT
by Exness_Official
ukoil 8hours sell side 15% swing trade setup🔸Today let's review the 8 hour chart for brent oil . Noteworthy bounce in progress after accumulation near lows, however currently getting overbought. 🔸OPEC production cuts finally kicked it, therefore we got a decent pump in the oil market. Strong resistances overhead near 87.20 and 89.20, expecting bull trap setup after we break above the stop loss clusters. 🔸Recommended strategy for BEARS: look out for bull trap setup near 90.60 and get ready to short sell from overhead. limited upside beyond 90.60 usd, bears will target re-test of mirror s/r level at 77.80 and 75.20 usd. this is a 15% swing trade setup on sell side, good luck traders! 🎁Please hit the like button and 🎁Leave a comment to support our team! RISK DISCLAIMER: Trading Futures , Forex, CFDs and Stocks involves a risk of loss. Please consider carefully if such trading is appropriate for you. Past performance is not indicative of future results. Always limit your leverage and use tight stop loss.
TVC:UKOILShort
by ProjectSyndicate
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