Brent oil eyes OPEC+ verdict within 200-DMA, key support envelop
With the 200-DMA restricting the Brent oil’s rebound from an ascending support line from March, energy traders stay bearish ahead of the key OPEC+ decision. Although the cartel is more likely to stay on their previously decided path to ease supply-cut norms, the latest Omicron woes raise possibilities of a wild card move, considering the West versus Middle East tussles. Even so, the black gold needs a clear break below the stated support line of $68.15, also conquer the $68.00 threshold, to dominate further and eye September’s low near $65.10. Following that, multiple supports can test the bears around $62.00, a break of which will highlight the $60.00 round figure for the sellers.
Meanwhile, a successful upside break of the 200-DMA level of $73.10 will aim for the tops marked during late July and mid-September, around $76.50-60. Following that, $78.00 and the $80.00 may entertain UK oil buyers. Adding to the upside filters is the descending trend line from November 10, near $81.20. Overall, oil has further room to the south but it all depends upon OPEC+.
Meanwhile, a successful upside break of the 200-DMA level of $73.10 will aim for the tops marked during late July and mid-September, around $76.50-60. Following that, $78.00 and the $80.00 may entertain UK oil buyers. Adding to the upside filters is the descending trend line from November 10, near $81.20. Overall, oil has further room to the south but it all depends upon OPEC+.
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