Trendline support for Oil
Oil is back at a very strong trendline dating back to Q4 2021. Brent Oil has seen flows in and out by speculators as they assess the damages caused by the russian invasion.
This weekend, social media was filled with horrific videos and photos of the damages and a trail of murder of unarmed civilians in Bucha, Ukraine by russian troops and this could push sanctions against Russia even further affecting energy prices.
On the other hand, last week, the US has signaled a release of oil from the strategic reserves to ease supply and lower the price of oil. The price is yet to reflect this on the global oil prices and we will see this come into focus over the next two months.
In my opinion, I expect Brent to drift higher in April but it is unclear if the price will cross the highs reached in the last quarter.
Should the price drop below the trend line, the 50 day MA will offer some support and I will be monitoring on the sidelines.
This weekend, social media was filled with horrific videos and photos of the damages and a trail of murder of unarmed civilians in Bucha, Ukraine by russian troops and this could push sanctions against Russia even further affecting energy prices.
On the other hand, last week, the US has signaled a release of oil from the strategic reserves to ease supply and lower the price of oil. The price is yet to reflect this on the global oil prices and we will see this come into focus over the next two months.
In my opinion, I expect Brent to drift higher in April but it is unclear if the price will cross the highs reached in the last quarter.
Should the price drop below the trend line, the 50 day MA will offer some support and I will be monitoring on the sidelines.
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