Brent: general analysis

FX:UKOIL   Crude Oil (Brent)
62 0 0
Current trend

Top oil             producers – Russia, Qatar, Saudi Arabia and Venezuela – have agreed to freeze oil             output at 11 January level. This decision might help to tackle an oversupply of the global oil             market. Thus, the price of oil             has its chance to strengthen to $40 per barrel. However, at the same time, there is a lack of clear understanding of how long the agreement will last and whether the countries will strictly follow all its conditions.

Support and resistance

The price is trading slightly below the MA200.
The nearest support level is at 32.00.
The nearest resistance level is at 32.50.

Trading tips

Short positions can be opened from the level of 32.00 with the target at 30.47 and stop-loss at 32.20.
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