The firm rebound last week from clusters of supports at 58.30/57.80 was reinforced by similar price action this week, again rebounding from here to leave risk higher into March.
We continue to see bigger picture upside risks whilst above support at 55.16.
Short-term Outlook - Upside Risks:
- We see an upside bias for 62.00, then 62.83/63.00.
- But below 59.34 opens risk down to clusters of support at 58.75/58.10/57.80, which we would look to try to hold.
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4 Hour ICE Brent Crude Oil Future Chart
Daily ICE Brent Crude Oil Future Chart