The price of oil (Brent) is trying to cross the $84.5 barrier in an attempt to progress.

The price of oil (Brent) is trying to cross the $84.5 barrier in an attempt to progress.
The price of oil (Brent) is trying to cross the $84.5 barrier in an attempt to progress.
The price of Brent oil is currently trying to break the $84.5 mark, a level that has been tested several times in recent months. Indeed, between January 30 and March 12, as well as May 2, 3, 9, 10 and 20, Brent flirted with this threshold without ever managing to exceed it.

If Brent manages to cross this $84.5 mark, it could then reach $86.8/$87, which was old support between April 18 and 23 and old resistance on March 19. This progression could pave the way for a rise in the price of a barrel to $89.25/$89.3, a level which corresponds to downward resistance in the medium term.

This downward resistance starts from $97 at the end of September (09/27, 2023) and goes through $91 on April 5. If Brent manages to break through these various resistance levels, it could then begin an uptrend in the medium term, with prospects of higher prices on the horizon.

It is important to note that the price of oil is influenced by many factors, such as supply and demand in the global market, geopolitical tensions, decisions of the main oil producing countries, or even currency fluctuations. Investors and market participants are closely monitoring the evolution of the price of Brent oil, which is a key indicator for the global economy.

In conclusion, Brent oil price is currently testing important resistance levels. If these levels are successfully breached, Brent could begin an upward trend in the medium term, with prospects of higher prices on the horizon. The next few weeks will therefore be crucial in determining the evolution of the oil market.

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