Brent Crude Oil Price Update – Late Session Surge Puts Market in Position to Challenge $113.99 – $115.29 – Yahoo Finance


International-benchmark Brent crude oil futures are trading sharply higher late Friday on the back of record gasoline prices, Additionally, China looked ready to ease pandemic restrictions that could help stabilize demand sooner than expected. Finally, investors also continued to worry about tightening supplies if the European Union bans Russian oil.
U.S. gasoline futures soared to an all-time high after stockpiles fell last week for a sixth straight week, according to the U.S. Energy Information Administration (EIA). That boasted the gasoline crack spread – a measure of refining profit margins – to its highest since it hit a record in April 2020 when WTI finished in negative territory, according to Reuters.
The bullish move in gasoline could continue to drag crude oil prices higher over the near-term since demand for the fuel is likely to soar when summer driving season starts on the U.S. Memorial Day holiday weekend at the end of the month.
The main trend is up according to the daily swing chart. A trade through $113.99 will signal a resumption of the uptrend. A move through $100.93 will change the main trend to down.
The short-term range is $92.87 to $115.29. Its retracement zone at $104.08 to 101.43 is support.
The intermediate range is $123.25 to $92.87. The market is currently testing the upper level of its retracement zone at $111.64 to $108.06.
The major support is the long-term retracement zone at $94.42 to $87.61.
The direction of the July Brent crude oil market into the close on Friday is likely to be determined by trader reaction to the intermediate-term Fibonacci level at $111.64.
A sustained move over $111.64 will indicate the presence of buyers late in the session. If this creates enough upside momentum then look for a possible surge into the nearest main top at $113.99.
Taking out $113.99 will reaffirm the uptrend and put the market in a position to challenge the next main top at $115.29. This is a potential trigger point for an acceleration to the upside.
A sustained move under $111.64 will signal the presence of late session sellers. If this generates enough downside momentum then look for the selling to possibly extend into the 50% level at $108.06.
For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire
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