Brent Crude Tip-Toeing And Climbing A Wall Of Worry
Investors seem to be feeling doubtful about the result of the deal between OPEC and non-OPEC producers, on whether they can materialize into any real actions that stabilize the market. Additionally, the emerging shale oil country, the United States of America, is still looking at the agreement from the sidelines. Until the cooperation becomes more concrete, the oil price may not find the solid background for a real revival. Tonight, the U.S. oil inventories will come into the spotlight, somewhat adding to the impact of news flow on currently sensitive market.
Brent rallied to a peak of 35.43, but then retraced back to 35.14.
Sell on a break of 33.40 with Stop Loss at 34.40, Take Profit at 32.00.