Brent Oil Prices are Seen Rise Towards $89
Oil prices have been declining since March 2022 from $133 per barrel of the Brent crude benchmark to $70 per barrel. Prices slowed down in mid-March 2023, and accelerated in early April after the Organisation of the Petroleum Exporting Countries and their allies, known as OPEC+, decided to set additional production cuts by more than 1.6 million bpd. Prices have closed the gap at $80 per barrel, and are likely to move higher towards the $89 technical resistance. Anyway, prices are now locked between the wide range of $80-89 per barrel. Long trades could be opened considering the RSI oscillator with a period of 14 readings on the H4 timeframe chart. Use overbought and oversold signals as good opportunities to buy, take profit, and open a short trade for Brent crude.
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