Oil Price Analysis and News
- Talk of $80 Brent Keeps Prices Afloat
- Iran Sanctions Dictating, Trade War Shrugged Off
- WTI Breaks Key Resistance, Outlook Bullish
Talk of $80 Brent Keeps Prices Afloat
Oil bulls continue to take charge with Brent making another push towards $80/bbl. Yesterday’s DoE crude report showed a 5th consecutive weekly drawdown in crude stocks, which in turn added to the upward momentum. Alongside this, the recent reports that Saudi Arabia would be comfortable with Brent above $80 has seen oil bulls use that as their first target, while similar comments from the Iranian oil minister has also buoyed sentiment and could possibly see oil continue to push for better levels.