Oil prices have been supported by stronger-than-expected demand fueled by the US recovery, worldwide economic growth on one side, supply cuts by OPEC and Russia on the other and a series of global events that have stroked geopolitical tension.
There are a number of factors that could push oil prices higher, including supply disruptions from Iran, which faces the threat of renewed U.S. sanctions, and Venezuela, where economic crisis may hamper its ability to pump oil.
Brent surpassed the technical target of $67 and trading at the resistance zone of around $70. A small correction to $64 may be around the corner.
 |
| Brent Crude Daily |
A close above $70 changes the long term parameters to bullish with targets of $90-92, backed by strong momentum as also the target for inverse head and shoulder pattern.
 |
| Brent Crude Monthly |
There is strong momentum reversal with yearly trend momentum threatening to cross above zero, oil bulls may soon be back in business.
 |
| Brent Crude Yearly |
