Brent oil reaches above 130.00

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Source: Dukascopy Bank SA


Sanctions that were set on Russia caused a jump of all oil prices. On the Brent oil price charts it resulted in the breaking of ascending channels and passing of 2014 high levels. Most recently, on March 8, the pair passed above the 130.00 mark.

Meanwhile, note that the price is not trading technically. Namely, all moves occur due to fundamental news. However, the price appears to be still respecting round price levels.

If the price continues to surge, it would most likely face resistance at 135.00, 140.00 and 145.00, before reaching the 150.00 mark. On the other hand, support might be found in the 125.00, 120.00 and 115.00.

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