Brent crude oil price rose to its fresh weekly high of $81.26 on Tuesday. The positive price action comes just two days before the much-awaited OPEC+ meeting in which analysts expect significant production cuts by the cartel.
However, the price has yet to break out from the downward trendline, as mentioned in the following technical analysis. If this breakout occurs, Brent crude price may rise to $83.40 within no time. Therefore, all eyes are on the OPEC+ meeting which is scheduled for later this week after a delay of four days.
The report on the US inventories which is released every Wednesday, might also play a pivotal role after a huge build-up of 8.7 million barrels in last week’s report.
On the basis of technical analysis, the Brent oil price forecast is looking solid as it is forming an inverted head & shoulders pattern. However, this pattern will only play out in case of a breakout from the downward trendline which is visible on the following chart.
This post was last modified on Nov 28, 2023, 16:05 GMT 16:05