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The UK will determine local oil trend

Olymp Trade

At the end of last week, oil quotes returned to the values ​​of a month ago. The fall was bought off only from $61.8 level, quotes were close to the milestone, $60 per barrel, again. From the middle of the month, Brent looks very weak, even though the price has returned up to $64 on Monday. Bulls need to gain a foothold above it in order to break local bullish downward trend. If this happens, then it can be expected a further growth to $65.6-66.0, and in the future up to $68.0, if this will be facilitated by fundamental factors.

The main driver of growth will certainly be an increase in geopolitical tension in the Middle East. On Friday, the Iranian Islamic Revolutionary Guards in the Strait of Hormuz detained Stena Impero tanker, which is under the British flag. Another active player has appeared on the geopolitical map of the region. On Monday, Teresa May held a cabinet meeting to discuss the current situation. So far, decisions have not been voiced, but the United States has already stated that, “the United Kingdom should be responsible for the safety of its ships”. So far, everything is on the way of further tension increasing in the region, which will push oil quotes up.

Olymp Trade Review

Source: https://olymptrade.com/
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