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Brent Finds Resistance At $84/bbl Level

1 min read

The May Brent futures contract has experienced a mixed afternoon, rallying up from $83.01/bbl at 12:30 GMT, before seeing rejection at resistance levels around $84/bbl come 14:30 GMT and subsequently correcting downwards to trade at $82.75/bbl at the time of writing (17:20 GMT).

The OPEC+ decision to maintain current supply tightness, with oil supply cuts being extended for a further 3 months, coupled with optimism over possible declines in U.S. interest rates have provided sources of support for flat price.

However, bearish headlines have also been seen, most notably a call from US Vice President Kamala Harris on Sunday for the Hamas to agree to a prolonged ceasefire of around 6 weeks. These comments represent some of the strongest made by a senior US official regarding the Israel-Hamas conflict.

Trafigura has announced an agreement to acquire Greenergy’s European business for an undisclosed sum.

The front and 6 months spreads are at $0.81/bbl and $4.10/bbl respectively.

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Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.