Crude – Opec led production cuts fuel new high

 

Brent Crude broke out above the $62-64 resistance zone. The breakout was a result of OPEC-led supply cuts and the announcement of a higher-than-expected cut by Saudi Arabia this week. On top of this, if the US-China negotiations result in any positive outcomes, it will encourage investors to increase their bullish bets. A move up to $72 can be expected in the next few months.

 

Brent Crude

 

 

 

Crude – Opec led production cuts fuel new high
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