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Is Oil Consolidating in Front of a New Uptrend?

Olymp Trade

Brent crude oil continues to consolidate after its last correction. Spring started with a fall from $67,1 to $64,6. Support in this area is provided by a mid-term trend line. Last time, such a long touch to this line preceded a powerful uptrend, which broke through the critically important level of $ 63 and brought quotations to the current zone. Now the price is hovering around $ 65,3-66,1 and it’s reasonable to expect that the asset will leave this area soon. Buyers look strong, despite the multidirectional fundamental background.

Libya plans to continue oil production at it’s largest el-Sharara oil field. This field in the southwestern part of the country can produce more than 300 thousand barrels per day.

Nevertheless, the market expects that OPEC+’s actions to reduce production will be enough to counteract this excess. ICE Futures data indicates that hedge funds have increased their stakes in Brent’s upward movement for the eighth week in a row. This is the longest period of bulls strengthening since 2012.

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Source: https://olymptrade.com/
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