OPEC is pumping and USD is up, but Oil doesn't care

Oil traders, Keep An Eye on the UK Brent Crude Oil

Posted Thursday, May 17, 2018 by
Skerdian Meta • 1 min read

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.

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About the author

Skerdian Meta is our Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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