Brent Crude Heads for the Highs After the OPEC+ Meeting

Crude Oil went through a major crash in Q1 of last year, although UK Brent Crude held better than US WTI Crude Oil, which fell to $-37. UK Brent Crude fell to $16, from a high of $71.80 at the beginning of 2020.

However, the trend reversed in April last year, and both UK Brent and US WTI Oil have been trading on a strong bullish trend. We saw a downward retreat in March, but the pullback ended at the 50 SMA (yellow) on the daily chart, which has turned into the ultimate support for oil, after holding the retreat two weeks ago as well.

UK Brent Crude Live Chart

For about a month, oil was trading within a tight range, with a high of around $70, as traders were waiting for the OPEC+ meeting. The meeting took place yesterday, and OPEC+ decided to leave things as they are, which means that they won’t increase production above the existing quotas before July.

So, crude oil resumed the bullish trend yesterday, and today it is heading for the March highs at around $71.50. We are following crude oil to see if there will be another pullback lower, in order to go long, probably at $70, which would be a good place to buy.

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Skerdian Meta

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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