Brent Crude Futures Soar to Four-Month High Amid Uptrend Expectations

Oil prices surged for the second consecutive week, with Brent crude oil futures on the Intercontinental Exchange (ICE) hitting a four-month high of $110 before settling at $104.60.

The price increase was driven by a breakout above key resistances at $98 and $101.50, which has given a fresh positive impetus to Brent crude futures.

Although there is a possibility for the contract to see a dip in price, possibly to $98-100, analysts expect it to resume its uptrend and rally to $115 in the near-term.