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Brent Futures is Giving a Sell Signal Ahead of OPEC+

March 3, 2021
in ANALYSIS, CFDS, DAILY UPDATES, Home, MARKETS, Technical Analysis
Reading Time: 1min read
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OPEC members plan to increase production in oil which may impact the price of Brent Crude Oil
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Brent Oil May Future | June Future Spread
Brent Oil May Future | June Future Spread

Brent’s future spread turned extremely positive ahead of OPEC+ meeting tomorrow. The markets expect OPEC+ members to increase production. According to incoming news, almost all countries will agree on a production increase but some of them like Saudi Arabia are more cautious as Russia wants to open the valves.

Brent Weekly Chart
Brent Weekly Chart

Brent oil is currently testing a downtrend line at 65.50. Above this level, the 70-74 zone is a major resistance for Brent. If OPEC goes for a medium increase the price may consolidate below these levels while a big increase may open the way of $50 again.

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Tags: BrentBrent oilOpecOPEC+
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