Brent Oil Broken Through Important Resistance

In the last couple of days, BRENT oil managed to break through an important resistance area around $53 (now the new support). Since OPEC's largest producer has decided to unilaterally cut down production, it's to be expected that other OPEC members will follow. Less oil produced = higher price, assuming the same demand.

With corona vaccines being used all over the world now, the expectation is that demand will grow further. Less supply + more demand = price goes up.

The next two targets for BRENT are $60 and $66, potentially even $70 next month. Happy trading!