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 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.
