Oil traders, Keep An Eye on the UK Brent Crude Oil
Many traders concentrate on US WTI crude Oil when trading Oil. But the UK Brent Oil is leading the energy sector. It has been on a strong bullish trend for about a year and right now it just broke above the $80 level.
That’s a big round level and now that it has gone, it will give Oil buyers even more confidence. The USD has strengthened considerably over the last month, but the political tensions have had a bigger impact on Oil. Yesterday drawdown in US crude Oil inventories helped the buyers as well, because it means that demand has picked up.
Brent Crude Oil broke $80 an hour ago and it is staying there. If you are trading the US WTI Oil, then this is a sign that bulls are in control. It will be even more so if the USD decides to make a bearish pullback lower, so we’ll keep an eye on Brent Oil to see if the bulls will remain in charge in this market.