Brent oil tests resistance

Source: Dukascopy Bank SA


The price for UK's Brent oil brand has been trading in a range around the 80.00 mark just like US crude oil. The reason for the trading has been the OPEC+ cartel's actions. The cartel has been adjusting its production capacity to the global demand in an effort to keep the prices around the 80.00 mark.

Most recently, the commodity price benchmark approached the resistance of the 87.15/89.40 range, where the price has been reversing throughout 2023.

In the case of the pair bouncing off the resistance range, the price could look for support in the 50 and 200-day simple moving averages near 78.20 and 81.60. In addition, the price has shown that it respects the 80.00 and 75.00 levels. Further below, note the low level zone at 70.15/71.65.

However, a breaking of the resistance zone might be stopped by the 90.00, 100.00 or 105.00 levels.
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