👀 Possible scenario:
Brent crude rose above $67.50 on June 11 — its highest in eight weeks — supported by optimism over US-China trade progress and renewed US-Iran tensions. Trump confirmed a trade deal with China is nearly finalized, while warning of difficulties with Iran, prompting threats from Tehran.
OPEC+ plans to raise output by 411,000 bpd in July, but tighter US supply remains a factor, with API data showing a 370,000-barrel inventory drop. Despite supply concerns, analysts note oil price gains are limited by economic uncertainty. Brent edged up as markets await official EIA inventory data.
✅Support and Resistance Levels
Now, the support level is located at 65.95.
Resistance levels are now located at 69.75 .
Brent crude rose above $67.50 on June 11 — its highest in eight weeks — supported by optimism over US-China trade progress and renewed US-Iran tensions. Trump confirmed a trade deal with China is nearly finalized, while warning of difficulties with Iran, prompting threats from Tehran.
OPEC+ plans to raise output by 411,000 bpd in July, but tighter US supply remains a factor, with API data showing a 370,000-barrel inventory drop. Despite supply concerns, analysts note oil price gains are limited by economic uncertainty. Brent edged up as markets await official EIA inventory data.
✅Support and Resistance Levels
Now, the support level is located at 65.95.
Resistance levels are now located at 69.75 .
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.