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Jan Brent rose $0.47 to close at $62.57

22 Nov 2017 08:13 GMT

By A/S Global Risk Management.



Crude oil prices headed higher yesterday on expectations that the OPEC/NOPEC output cut would be extended for the remainder of 2018. However, rising and further increases in US oil production kept a lid on the rise. Geopolitical tensions in the Middle East and tensions in Venezuela would provide support to prices in the coming days and weeks.

Brent opened the day at the 13-day MA and this was the low point of the day and was not seen again. The resistance levels at the 5 and 8 day MAs were broken during the day and a close above the two levels was recorded. At the time of writing during Asian trade, Brent is at 63.00, the highest since beginning of last week.

Supports for today are at the short term MAs (62.60, 62.52, 62.26) and the middle Bollinger (61.67). The upper bound and the target is now at the upper Bollinger (64.40).

We have US EIA crude oil stats due for release during US trade today.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.


Image: Michael Poulson, Oil Risk Manager at A/S Global Risk Management. Image credit: A/S Global Risk Management




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