Brent oil breaks out towards 64

Brent oil breaks out towards 64

Jaya Maheshwari
11 Sep 2019 06:11 PM
US weekly crude oil stock piles fell more than expected at -7.2 million barrels against the expected 2.6 million barrels draw. To add further to this, we saw the removal of the US National Security Advisor – John Bolton by the US President, leading to an increase in the oil prices. Speculations were also on that sanction-hit Iranian oil was back in the market following the firing of NSA. Brent oil prices rose from 62.17 to 63.26 and now this breakout from the red triangle may see it head towards 64.15 initially. The 200 day moving average (green line) is at 64.15 and is acting as an immediate resistance for the commodity. Immediate support is at 61.93 the blue horizontal line.

Recommended for you...