BRENT Bounces from Key Support

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8 June 2021 | Updated: 8 June 2021

Key Support: 70.70
key Resistance: 72.00

Last OPEC meeting the consensus was to raise output this spring and summer by 2.1 million bpd (barrels per day). Iran’s return to the oil market is less than certain with regulation on their nuclear capacity are being delayed and vey hard to oversee.
Demand of petroleum based products keeps rising as economies reopen at full capacity after vaccination efforts and air travel restrictions fall back to normal.

Higher demand of petroleum based products is driving prices at the moment with the supply limited by the OPEC during the pandemic to support prices and the overall market.

Technically speaking Brent has rejected our power buy zone. and the weekly pivot whilst printing a mild bullish bullish divergence. Our trade here is a buy to a possible retest of the current range on a massive bullish market.

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