Below is a current Brent Crude chart.
As you can see, oil prices have been range-bound between support in the $100-$104 zone, and resistance between $112 and $120.
Many analysts believe the U.S. energy boom is the only reason prices haven’t gone higher.
Also, notice that oil prices rallied last summer. A July-September rally is normal due to the hurricane and the summer driving season. I expect another such rally this summer with prices potentially breaking over $112.
Of course, if any of the conflicts mentioned above get worse, then prices can break above $120.
Such a breakout would have serious impact on the global economy, so keep your eyes on these hotspots. They can hit you in the wallet anytime.
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