Brent is testing the major, long-term resistance zone, 70-75, amid recovering economy, OPEC’s monthly report, Colonial Pipeline hack, and tomorrow’s US CPI data. Most of the commodities continue their surge but brent is struggling near the major trend.
If the price breaks the 67.30 support to the south, a sharp selling action that targeting 60 or 54.30 is a likely possibility as the momentum of Brent is slowing recently. Despite that, a lot of fundamental points still supporting the oil prices and testing of the 70-75 zone may not be over yet.
