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Oil trend is broken

Olymp Trade

Brent crude oil continues to strengthen, testing the level of $62.0 per barrel. It seems that the medium-term downtrend line has been broken, which means that a countertrend should begin soon. In the short term, a trend line retest is possible at around $61.0. When bulls finally seize the initiative, then the nearest medium-term target will be the previous local maximums of the trend, which is in the range of 65.2-67.3 per barrel.

A new Minister of Energy has been appointed in Saudi Arabia. Prince Abdulaziz bin Salman bin Abdulaziz al-Saud, who has long been a member of the OPEC delegation, has been appointed to this post. Players expect this appointment to be a signal that Saudi Arabia plans to take more aggressive measures to maintain oil prices. Meanwhile, on Monday, the prince said that the basic principles of Saudi Arabia’s policies would not change, and the OPEC + deal would remain in force.

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Source: https://olymptrade.com/
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