Brent Crude – Is the oil rally running on fumes as Brent nears $100?
<p><a href="https://api.addthis.com/oexchange/0.8/forward/facebook/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Foil%2Fbrent-crude-is-the-oil-rally-running-on-fumes-as-brent-nears-100%2Fcerlam&pubid=ra-525512e4690e068c&title=Marketpulse%20%7C%20Home&ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/facebook.png" border="0" alt="Facebook" /></a><a href="https://api.addthis.com/oexchange/0.8/forward/twitter/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Foil%2Fbrent-crude-is-the-oil-rally-running-on-fumes-as-brent-nears-100%2Fcerlam&pubid=ra-525512e4690e068c&title=Marketpulse%20%7C%20Home&ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/twitter.png" border="0" alt="Twitter" /></a><a href="https://api.addthis.com/oexchange/0.8/forward/email/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Foil%2Fbrent-crude-is-the-oil-rally-running-on-fumes-as-brent-nears-100%2Fcerlam&pubid=ra-525512e4690e068c&title=Marketpulse%20%7C%20Home&ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/email.png" border="0" alt="Email" /></a></p><ul>
<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Oil prices are increasingly hitting the headlines, with Brent crude coming within five dollars of triple figures which will naturally bring back bad memories of last year's price surge. It is worth noting that, while oil could top $100, this is very different from 2022 and is largely being driven by OPEC+ tipping the market into deficit which is unlikely to be the long-term plan. "}]}" data-slate-node="element"><strong>Oil rally is not a repeat of last year</strong></li>
<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Oil prices are increasingly hitting the headlines, with Brent crude coming within five dollars of triple figures which will naturally bring back bad memories of last year's price surge. It is worth noting that, while oil could top $100, this is very different from 2022 and is largely being driven by OPEC+ tipping the market into deficit which is unlikely to be the long-term plan. "}]}" data-slate-node="element"><strong>$100 a major psychological level</strong></li>
<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Oil prices are increasingly hitting the headlines, with Brent crude coming within five dollars of triple figures which will naturally bring back bad memories of last year's price surge. It is worth noting that, while oil could top $100, this is very different from 2022 and is largely being driven by OPEC+ tipping the market into deficit which is unlikely to be the long-term plan. "}]}" data-slate-node="element"><strong>Divergences appearing</strong></li>
</ul>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Oil prices are increasingly hitting the headlines, with Brent crude coming within five dollars of triple figures which will naturally bring back bad memories of last year's price surge. It is worth noting that, while oil could top $100, this is very different from 2022 and is largely being driven by OPEC+ tipping the market into deficit which is unlikely to be the long-term plan. "}]}" data-slate-node="element"><span data-slate-node="text">Oil prices are increasingly hitting the headlines, with Brent crude coming within five dollars of triple figures which will naturally bring back bad memories of last year’s price surge. </span></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Oil prices are increasingly hitting the headlines, with Brent crude coming within five dollars of triple figures which will naturally bring back bad memories of last year's price surge. It is worth noting that, while oil could top $100, this is very different from 2022 and is largely being driven by OPEC+ tipping the market into deficit which is unlikely to be the long-term plan. "}]}" data-slate-node="element"><span data-slate-node="text">It is worth noting that, while oil could top $100, this is very different from 2022 and is largely being driven by OPEC+ tipping the market into deficit which is unlikely to be the long-term plan. </span></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"What's more, there may be some early signs that the oil rally is running on fumes as we get closer to $100, perhaps a sign that traders view it as a major psychological hurdle. That's what it proved to be in October and November last year, the last time Brent traded around these levels."}]}" data-slate-node="element" data-slate-fragment="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"><span data-slate-node="text">What’s more, there may be some early signs that the oil rally is running on fumes as we get closer to $100, perhaps a sign that traders view it as a major psychological hurdle. That’s what it proved to be in October and November last year, the last time Brent traded around these levels.</span></p>
<p style="text-align: center" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"What's more, there may be some early signs that the oil rally is running on fumes as we get closer to $100, perhaps a sign that traders view it as a major psychological hurdle. That's what it proved to be in October and November last year, the last time Brent traded around these levels."}]}" data-slate-node="element" data-slate-fragment="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"><iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/hJQjVpFshpQ?si=WjvMkW1oP0m5DD1B" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe></p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"What's more, there may be some early signs that the oil rally is running on fumes as we get closer to $100, perhaps a sign that traders view it as a major psychological hurdle. That's what it proved to be in October and November last year, the last time Brent traded around these levels."}]}" data-slate-node="element" data-slate-fragment="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"><strong>Are technical divergences appearing?</strong></p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"What's more, there may be some early signs that the oil rally is running on fumes as we get closer to $100, perhaps a sign that traders view it as a major psychological hurdle. That's what it proved to be in October and November last year, the last time Brent traded around these levels."}]}" data-slate-node="element" data-slate-fragment="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">It’s still very early to label what we’re seeing as a divergence as it’s not yet clear that the price has made a new high – the rally could continue after this is published, for example, or tomorrow.</p>
<p style="text-align: center" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"What's more, there may be some early signs that the oil rally is running on fumes as we get closer to $100, perhaps a sign that traders view it as a major psychological hurdle. That's what it proved to be in October and November last year, the last time Brent traded around these levels."}]}" data-slate-node="element" data-slate-fragment="JTVCJTdCJTIydHlwZSUyMiUzQSUyMnBhcmFncmFwaCUyMiUyQyUyMmNoaWxkcmVuJTIyJTNBJTVCJTdCJTIydGV4dCUyMiUzQSUyMk9pbCUyMHByaWNlcyUyMGFyZSUyMGluY3JlYXNpbmdseSUyMGhpdHRpbmclMjB0aGUlMjBoZWFkbGluZXMlMkMlMjB3aXRoJTIwQnJlbnQlMjBjcnVkZSUyMGNvbWluZyUyMHdpdGhpbiUyMGZpdmUlMjBkb2xsYXJzJTIwb2YlMjB0cmlwbGUlMjBmaWd1cmVzJTIwd2hpY2glMjB3aWxsJTIwbmF0dXJhbGx5JTIwYnJpbmclMjBiYWNrJTIwYmFkJTIwbWVtb3JpZXMlMjBvZiUyMGxhc3QlMjB5ZWFyJ3MlMjBwcmljZSUyMHN1cmdlLiUyMEl0JTIwaXMlMjB3b3J0aCUyMG5vdGluZyUyMHRoYXQlMkMlMjB3aGlsZSUyMG9pbCUyMGNvdWxkJTIwdG9wJTIwJTI0MTAwJTJDJTIwdGhpcyUyMGlzJTIwdmVyeSUyMGRpZmZlcmVudCUyMGZyb20lMjAyMDIyJTIwYW5kJTIwaXMlMjBsYXJnZWx5JTIwYmVpbmclMjBkcml2ZW4lMjBieSUyME9QRUMlMkIlMjB0aXBwaW5nJTIwdGhlJTIwbWFya2V0JTIwaW50byUyMGRlZmljaXQlMjB3aGljaCUyMGlzJTIwdW5saWtlbHklMjB0byUyMGJlJTIwdGhlJTIwbG9uZy10ZXJtJTIwcGxhbi4lMjAlMjIlN0QlNUQlN0QlMkMlN0IlMjJ0eXBlJTIyJTNBJTIycGFyYWdyYXBoJTIyJTJDJTIyY2hpbGRyZW4lMjIlM0ElNUIlN0IlMjJ0ZXh0JTIyJTNBJTIyV2hhdCdzJTIwbW9yZSUyQyUyMHRoZXJlJTIwbWF5JTIwYmUlMjBzb21lJTIwZWFybHklMjBzaWducyUyMHRoYXQlMjB0aGUlMjBvaWwlMjByYWxseSUyMGlzJTIwcnVubmluZyUyMG9uJTIwZnVtZXMlMjBhcyUyMHdlJTIwZ2V0JTIwY2xvc2VyJTIwdG8lMjAlMjQxMDAlMkMlMjBwZXJoYXBzJTIwYSUyMHNpZ24lMjB0aGF0JTIwdHJhZGVycyUyMHZpZXclMjBpdCUyMGFzJTIwYSUyMG1ham9yJTIwcHN5Y2hvbG9naWNhbCUyMGh1cmRsZS4lMjBUaGF0J3MlMjB3aGF0JTIwaXQlMjBwcm92ZWQlMjB0byUyMGJlJTIwaW4lMjBPY3RvYmVyJTIwYW5kJTIwTm92ZW1iZXIlMjBsYXN0JTIweWVhciUyQyUyMHRoZSUyMGxhc3QlMjB0aW1lJTIwQnJlbnQlMjB0cmFkZWQlMjBhcm91bmQlMjB0aGVzZSUyMGxldmVscy4lMjIlN0QlNUQlN0QlNUQ="><strong>BCOUSD Daily</strong></p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"What's more, there may be some early signs that the oil rally is running on fumes as we get closer to $100, perhaps a sign that traders view it as a major psychological hurdle. That's what it proved to be in October and November last year, the last time Brent traded around these levels."}]}" data-slate-node="element" data-slate-fragment="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"><a href="https://www.marketpulse.com/wp-content/uploads/2023/09/BCOUSD_2023-09-28_17-02-01.png" target="_blank" rel="noopener"><img loading="lazy" class="aligncenter wp-image-807816" src="https://www.marketpulse.com/wp-content/uploads/2023/09/BCOUSD_2023-09-28_17-02-01-1024×507.png" alt="" width="620" height="307" srcset="https://www.marketpulse.com/wp-content/uploads/2023/09/BCOUSD_2023-09-28_17-02-01-1024×507.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/09/BCOUSD_2023-09-28_17-02-01-300×149.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/09/BCOUSD_2023-09-28_17-02-01-768×380.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/09/BCOUSD_2023-09-28_17-02-01-1536×761.png 1536w, https://www.marketpulse.com/wp-content/uploads/2023/09/BCOUSD_2023-09-28_17-02-01.png 1835w" sizes="(max-width: 620px) 100vw, 620px" /></a></p>
<p style="text-align: right" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"What's more, there may be some early signs that the oil rally is running on fumes as we get closer to $100, perhaps a sign that traders view it as a major psychological hurdle. That's what it proved to be in October and November last year, the last time Brent traded around these levels."}]}" data-slate-node="element" data-slate-fragment="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">Source – OANDA on Trading View</p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"What's more, there may be some early signs that the oil rally is running on fumes as we get closer to $100, perhaps a sign that traders view it as a major psychological hurdle. That's what it proved to be in October and November last year, the last time Brent traded around these levels."}]}" data-slate-node="element" data-slate-fragment="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">But the fact the price has surpassed the last peak after breaking above the bullish flag formation and both the stochastic and MACD look sluggish is perhaps an early red flag. It will certainly be one to watch if the price keeps rising towards $100 which has naturally become the latest obsession.</p>
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