Brent Crude Futures Break Above 200-Day Average Amid Global Supply Concerns

Brent crude futures have been experiencing sharp fluctuations in August, but ultimately closed above their 200-day moving average. This long-term trend is firmly bullish, indicating a high probability of further upside.

There are several reasons contributing to the bullish sentiment for 'black gold'. The ongoing military conflict in the Middle East and the closure of the Strait of Hormuz are major concerns for oil supplies, while global oil inventories remain at multi-year lows.

The long-term trend is up, with a resistance level set at $120. Support levels are $70 and $86, according to TJ-0012.