. Even if a breakthrough occurs, there is a likelihood of encountering substantial resistance leading up to the $75 level. Conversely, if the market reverses from its current position, it could target the $70 level, which holds significant psychological importance due to its round figure.
While it is already known that OPEC intends to extend production cuts, the market will pay close attention to the accompanying statement, seeking insights into the future trajectory of oil prices.Similar to WTI, the Brent market has also experienced a stall at the 50-Day EMA. Consequently, it is reasonable to expect some degree of stagnation in this market. Overcoming this hurdle will require navigating the selling pressure that lies above.
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