Brent Crude Oil Price Update

International benchmark Burned crude oil was finished lower on Friday, but still managed to hold onto its weekly gains. The market was supported all week by tensions over US-Iran relations. Traders ran the market to its peak for the week on Wednesday, following the release of a bullish US Energy Information Administration weekly inventory report. There was very little movement in about two sessions when the volume fell in front of the G-20 summit during the weekend and the OPEC meeting on July 1-2.

In September, the Brent oil price was settled at $ 64.74 $ 0.93 or -1.44%.

Prices are expected to be supported on Monday after the news that the US and China will resume trade negotiations. But gains can be limited to OPEC and its allies make their decision on production cuts on July 2.

Daily September Brent Crude Oil

Daily Turn Graph Technical Analysis

The main trend is up according to the daily turn chart, but buyers face a wall of resistance from a variety of retracement levels and 200-day floating average. The market is not able to change the trend down, but we could see a closing price reversal.

The smaller trend is also up. A trade through $ 66.02 will signal a resumption of this trend.

The first main area is $ 73.35 to $ 58.47. Sets retracement zone of $ 65.91 to $ 67.67 acted as resistance last week. This zone controls the long-term market direction.

The next main area is $ 71.61 to $ 58.47. Its $ 65.04 to $ 66.59 retracement zone is also resistant. An error of $ 65.04 can lead to the sellers.

The first short-term area is $ 58.47 to $ 66.02. Its $ 62.25 to $ 61.35 retracement zone is potential support. The other short-term area is $ 59.39 to $ 66.02. Its $ 62.71 retracement to $ 61.92 zone is extra support.

Daily Chart of Turns Technical Forecast

Based on Friday's price action and the industry of $ 64.74, the September Brent crude oil market direction on Monday is likely to be determined by Trader's response to the 50% level of $ 65.04.

Bullish Scenario

A persistent move over $ 65.04 will indicate the presence of buyers. The first goals are a 50% level of $ 65.91, followed by last week's high of $ 66.02.

The purchase will be stronger than $ 66.02 with the next target a Fibonacci level of $ 66.59, followed by 200-day floating average of $ 67.12 and another Fibonacci level of $ 67.67.

Cruising to the strong side of the 200-day Moving Average will be bullish. Look for a potential acceleration to the upside if buyers can withdraw $ 67.67.

Bearish Scenario

A sustained move below $ 65.04 will signal the presence of sellers. The daily chart is widely open below this level with $ 62.71 next potential goals.

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