Brent oil almost reaches 2021 high

Source: Dukascopy Bank SA


Since the last review of Brent oil price, the commodity has continued to decline, as it almost reached the 2021 high level at 86.73 in early September. However, the price recovered and during most of the month was fluctuating between 90.00 and 95.00 levels.

In general, it appears that the price is waiting for the US Federal Reserve Rate hike on Wednesday at 18:00 GMT. Depending on the size of the rate hike, commodities will either surge or decline as the US Dollar's value changes.

A move below, 86.73 could look for support in the 85.00 and 80.00 levels, which acted as resistance and support in 2021.

However, a recovery of the commodity price might find resistance in 100.00 and 105.00. Observe the chart to note that these levels have acted as support and resistance during the summer, despite being ignored during the second quarter of the year.
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