Brent Crude – Momentum wanes as oil trades around 2023 highs

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<li><strong>Stalling around 2023 highs</strong></li>
<li><strong>Divergence a sign of waning momentum</strong></li>
</ul>
<p>Oil prices have stabilized again today after another choppy, albeit broadly bullish, start to the week.</p>
<p>They’re now trading around their highest levels for the year and you have to wonder whether the recent announcements from Saudi Arabia and Russia, combined with better economic prospects, will be enough to lift the price to new 2023 highs, and above $90 in the case of Brent.</p>
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<p><strong>Are we seeing some profit-taking?</strong></p>
<p>One thing that is notable is the rally of the last couple of weeks has been accompanied by dwindling momentum.</p>
<p>While not necessarily a bearish indicator in itself, it does suggest we may be seeing some profit-taking on approach to those highs and ahead of the CPI report. That could change after the release if we see a really promising report but for now, that divergence is undoubtedly a red flag.</p>
<p><strong>BCOUSD Daily</strong></p>
<p><a href="https://www.marketpulse.com/wp-content/uploads/2023/08/BCOUSD_2023-08-10_13-17-51.png" target="_blank" rel="noopener"><img loading="lazy" class="aligncenter wp-image-806924" src="https://www.marketpulse.com/wp-content/uploads/2023/08/BCOUSD_2023-08-10_13-17-51-1024×507.png" alt="" width="620" height="307" srcset="https://www.marketpulse.com/wp-content/uploads/2023/08/BCOUSD_2023-08-10_13-17-51-1024×507.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/08/BCOUSD_2023-08-10_13-17-51-300×149.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/08/BCOUSD_2023-08-10_13-17-51-768×380.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/08/BCOUSD_2023-08-10_13-17-51-1536×761.png 1536w, https://www.marketpulse.com/wp-content/uploads/2023/08/BCOUSD_2023-08-10_13-17-51.png 1835w" sizes="(max-width: 620px) 100vw, 620px" /></a></p>
<p>Source – OANDA on Trading View</p>