Brent Bulls Eye $100 as Technical Resistance Takes Center Stage
The price of Brent Crude Oil futures has reached $97.42, and it's holding above both the 50 EMA (89.56) and the 200 EMA (85.07), according to a Daily price chart from TradingView.
This market is mirroring the WTI market in terms of its technical resistance at the $100 level. As of this, the Brent market price is at $97.25.
The $100 level above is significant not just for its round number, but also because it was a previous swing high and has a gap from late May. Whether or not it holds as resistance remains to be seen, with an ascending triangle measuring up to a larger move in the light sweet crude market.
Ultimately, whether this technical analysis plays out depends on geopolitical factors, particularly decisions made by 'a handful of people in Washington, DC, and Tehran'. This is the current state of affairs in the oil markets.