Brent Crude Oil: awaiting the publication of monthly OPEC report
Current trend
The prices for benchmark Brent crude oil continue their correctional movement, trading around $68.30 per barrel. The quotes stopped their global growth and consolidated within a comfortable range.
Investors are monitoring the situation in Asia, where a new outbreak of the coronavirus pandemic has been recorded. It is still unknown to what extent this situation may affect demand. OPEC is to publish its monthly report today and the situation may become clearer. Also, the US Department of Energy will present its short-term outlook on the energy market, and traders will be able to assess the impact of recent cyberattacks on the US fuel infrastructure.
As for the situation in the global arbitrage position of the spread between Brent Crude Oil and WTI Crude Oil, then everything is quite calm, and the price difference has been kept in the range of $3.5–4 for a long time, which indicates the reluctance of large players to do something. Global investors are satisfied with the current quotes of the asset and the stable range of weekly volatility of 4–6%.
Support and resistance
Locally, the asset is growing smoothly within a fairly wide channel. Technical indicators are in a state of uncertainty: fast EMAs of the Alligator indicator intertwined with the signal line and the histogram of the AO oscillator trades close to the transition level.
Resistance levels: 68.90, 70.30.
Support levels: 67.70, 66.30.
Current trend
The prices for benchmark Brent crude oil continue their correctional movement, trading around $68.30 per barrel. The quotes stopped their global growth and consolidated within a comfortable range.
Investors are monitoring the situation in Asia, where a new outbreak of the coronavirus pandemic has been recorded. It is still unknown to what extent this situation may affect demand. OPEC is to publish its monthly report today and the situation may become clearer. Also, the US Department of Energy will present its short-term outlook on the energy market, and traders will be able to assess the impact of recent cyberattacks on the US fuel infrastructure.
As for the situation in the global arbitrage position of the spread between Brent Crude Oil and WTI Crude Oil, then everything is quite calm, and the price difference has been kept in the range of $3.5–4 for a long time, which indicates the reluctance of large players to do something. Global investors are satisfied with the current quotes of the asset and the stable range of weekly volatility of 4–6%.
Support and resistance
Locally, the asset is growing smoothly within a fairly wide channel. Technical indicators are in a state of uncertainty: fast EMAs of the Alligator indicator intertwined with the signal line and the histogram of the AO oscillator trades close to the transition level.
Resistance levels: 68.90, 70.30.
Support levels: 67.70, 66.30.