brent crude is on the move
Good Morning: Brent Crude Outlook for the Week
Brent crude prices have several factors supporting potential gains this week. Here are the key drivers to watch.
1. US–China Tariff Truce Extension
The 90-day extension of the US–China tariff truce has eased concerns about weakening demand. This positive sentiment has already lifted the market, with prices ticking up by 0.04% on the news.
2. Softening U.S. Labour Data
Fresh labour figures from the United States show a slowdown in employment growth. Historically, such data has encouraged bullish momentum in oil markets, as it raises expectations of economic stimulus or interest rate cuts.
3. Tight Diesel Supply
Global diesel shortages are adding upward pressure to crude prices, countering the effects of increased OPEC output. This supply squeeze is likely to keep crude supported in the near term.
4. Technical Price Support
Brent crude has consistently held near the key $66.00 support level. This stability is reinforcing market confidence and providing a technical base for potential gains.
5. Overall Market Sentiment
With a mix of supportive fundamentals and solid technical levels, Brent crude may trend higher this week—though gains are expected to be measured unless new catalysts emerge.
the trend chanels on the 1 hour chart tend to suport the aprotch of a bull market
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