Brent Crude is showing major upside to come to $96.00

Ascending Triangle has formed on Brent Crude.

We saw the price continue to knock up the resistance until it broke above.

Price>20 and Price>200

So the target is likely to hit $96.00

When the US Dollar depreciates, it often leads to a rally in Brent Crude prices for several interconnected reasons.

1. Commodity Pricing

Global Benchmark:
Brent Crude is a major global oil benchmark. Oil prices, including Brent Crude, are typically denominated in US dollars on international markets.

So when the US Dollar weakens, oil becomes cheaper for holders of other currencies. This increased affordability can lead to higher demand, pushing prices up.

2. Investment Flows
A weaker dollar drives investors towards commodities like oil as alternative investments, contributing to price rallies.

3. Economic Implications
Dollar depreciation often signals global economic growth, boosting energy consumption and pushing up oil prices.

4. Inflation Expectations
Oil is purchased as a hedge against inflation when the dollar weakens, raising demand and prices for Brent Crude.

5. Energy Sector Investments
A depreciating dollar lowers operational costs in the energy sector outside the US, potentially tightening supply and elevating oil prices.