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Brent oil – Symmetrical triangle, Kashagan field restarts produc

TVC:UKOIL   Brent Crude Oil
The daily chart shows symmetrical triangle formation on the price chart and RSI . Thus, we wait for the breakout before calling a move.

Algeria meeting scheduled next week is unlikely to deliver bullish results for oil             price. Moreover, it is a informal meeting and the noise ahead of the meeting reminds us of the pre Doha debacle noise.

Furthermore, increased oil             supplies from Kashagan in Kazakhstan, Libya and Nigeria are seen destabilizing the oil             market rebalancing.

Kashagan oil             field – Its going to be a slow ramp up

There is no reason to fear about the Kashagan oil             field. This is because it is going to be a slow ramp up of production.

Spencer Wallace, Oil             Markets Director at IHS             Markit, joined us on today’s London open Finance Show. He talked about the Kashagan project, threats to oil             market rebalancing and Algeria meeting.

Check out the full video here - https://www.youtube.com/watch?v=5byovcWsToA
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