Brent Crude – Oil edging higher again after recent positive developments
<p><a href="https://api.addthis.com/oexchange/0.8/forward/facebook/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Fcommodities%2Fbrent-crude-oil-edging-higher-again-after-recent-positive-developments%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%2Fcommodities%2Fbrent-crude-oil-edging-higher-again-after-recent-positive-developments%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%2Fcommodities%2Fbrent-crude-oil-edging-higher-again-after-recent-positive-developments%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 a little flat early in the European session after bouncing back a little on Tuesday. Since breaking above the recent range highs late last week, oil prices have been a little choppy although importantly they have held above that prior range and, in the case of Brent crude, seen support around the previous highs."}]}" data-slate-node="element"><strong>Oil turns higher after brief pullback</strong></li>
<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Oil prices are a little flat early in the European session after bouncing back a little on Tuesday. Since breaking above the recent range highs late last week, oil prices have been a little choppy although importantly they have held above that prior range and, in the case of Brent crude, seen support around the previous highs."}]}" data-slate-node="element"><strong>EIA reports small draw of 0.7 million</strong></li>
<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Oil prices are a little flat early in the European session after bouncing back a little on Tuesday. Since breaking above the recent range highs late last week, oil prices have been a little choppy although importantly they have held above that prior range and, in the case of Brent crude, seen support around the previous highs."}]}" data-slate-node="element"><strong>200DMA could provide next test of resistance</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 a little flat early in the European session after bouncing back a little on Tuesday. Since breaking above the recent range highs late last week, oil prices have been a little choppy although importantly they have held above that prior range and, in the case of Brent crude, seen support around the previous highs."}]}" data-slate-node="element"><span data-slate-node="text">Oil prices have been creeping higher throughout the European session after bouncing back a little on Tuesday.</span></p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Oil prices are a little flat early in the European session after bouncing back a little on Tuesday. Since breaking above the recent range highs late last week, oil prices have been a little choppy although importantly they have held above that prior range and, in the case of Brent crude, seen support around the previous highs."}]}" data-slate-node="element">Output curbs from Saudi Arabia and Russia appeared to have got things moving but it may be the better inflation data that we’re seeing that has enabled it to push on after two months of consolidation. We’ve seen some volatility around the inventory data from EIA today after a smaller draw was reported but the price has largely returned to where it was trading pre-release.</p>
<p style="text-align: center" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Oil prices are a little flat early in the European session after bouncing back a little on Tuesday. Since breaking above the recent range highs late last week, oil prices have been a little choppy although importantly they have held above that prior range and, in the case of Brent crude, seen support around the previous highs."}]}" data-slate-node="element"><iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/m1VksF3D-NU" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe></p>
<p><script src="https://apis.google.com/js/platform.js"></script></p>
<div data-channel data-layout="default" data-count="default"></div>
<p><strong>Brent holds above prior range highs</strong></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Oil prices are a little flat early in the European session after bouncing back a little on Tuesday. Since breaking above the recent range highs late last week, oil prices have been a little choppy although importantly they have held above that prior range and, in the case of Brent crude, seen support around the previous highs."}]}" data-slate-node="element"><span data-slate-node="text">Since breaking above the recent range highs late last week, oil prices have been a little choppy although importantly they have held above that prior range and, in the case of Brent crude, seen support around the previous highs.</span></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"That could be viewed as a bullish technical signal, although that will naturally depend on a number of other factors including the economic data and what producers are doing. Both have been favourable for prices recently, helping Brent break back above $80 for the first time in almost three months."}]}" data-slate-node="element" data-slate-fragment="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"><span data-slate-node="text">That could be viewed as a bullish technical signal, although that will naturally depend on a number of other factors including the economic data and what producers are doing. Both have been favorable for prices recently, helping Brent break back above $80 for the first time in almost three months.</span></p>
<p style="text-align: center" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"That could be viewed as a bullish technical signal, although that will naturally depend on a number of other factors including the economic data and what producers are doing. Both have been favourable for prices recently, helping Brent break back above $80 for the first time in almost three months."}]}" data-slate-node="element" data-slate-fragment="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"><strong>BCOUSD Daily</strong></p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"That could be viewed as a bullish technical signal, although that will naturally depend on a number of other factors including the economic data and what producers are doing. Both have been favourable for prices recently, helping Brent break back above $80 for the first time in almost three months."}]}" data-slate-node="element" data-slate-fragment="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"><a href="https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-19_17-02-56.png" target="_blank" rel="noopener"><img loading="lazy" class="aligncenter wp-image-806477" src="https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-19_17-02-56-1024×511.png" alt="" width="620" height="309" srcset="https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-19_17-02-56-1024×511.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-19_17-02-56-300×150.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-19_17-02-56-768×383.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-19_17-02-56-1536×766.png 1536w, https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-19_17-02-56.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":"That could be viewed as a bullish technical signal, although that will naturally depend on a number of other factors including the economic data and what producers are doing. Both have been favourable for prices recently, helping Brent break back above $80 for the first time in almost three months."}]}" 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":"That could be viewed as a bullish technical signal, although that will naturally depend on a number of other factors including the economic data and what producers are doing. Both have been favourable for prices recently, helping Brent break back above $80 for the first time in almost three months."}]}" data-slate-node="element" data-slate-fragment="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">From a technical perspective, Brent rebounded quite quickly after pulling back from last week’s highs. The rotation occurred slightly ahead of the 38.2% Fibonacci retracement level and the 55/89-day simple moving average band which, if followed by new highs, could be a very bullish signal following a very significant breakout a couple of weeks ago.</p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"That could be viewed as a bullish technical signal, although that will naturally depend on a number of other factors including the economic data and what producers are doing. Both have been favourable for prices recently, helping Brent break back above $80 for the first time in almost three months."}]}" data-slate-node="element" data-slate-fragment="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">The next big test could come around the 200/233-day SMA band around $82.50-$84.</p>
Leave a Comment