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Brent breaks out of $75/bbl resistance

Oil prices continued its ascent on Thursday, June 24, albeit more cautiously than earlier in the week. The Brent price gained 0.2%, having retracing to another high of $74.82/bbl, and WTI edged up just 0.07% to $ 73.14/bbl, but still reached new highs.

The Brent price tested $75/bbl on Wednesday and Thursday, but failed to hold this level by the close of trading despite the massive drawdown in US crude oil inventories. Nevertheless, the market expects positive news from the OPEC+ ministerial meeting, which is scheduled to be held next week, and is expected to confirm the bulls' confidence in demand recovery. 

Crude futures are moving sluggishly higher again this morning, with Brent currently hovering above the resistance level of $75/bbl, while WTI is up 0.14% and in no hurry to reach a new high of $74/bbl. Our Brent price forecast for today is in the range of $74.5-76/bbl.

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