Brent focused on the $66 handle

OANDA:BCOUSD   Brent Crude Oil
Brent crude is trending higher on Monday, after a brief dip below the $64 handle on Friday. The barrel has recovered since to the levels above $66 but is yet to confirm a break of this handle as the sentiment in the market looks fragile.

On the one hand, crude continues to derive support from supply cuts by OPEC and US sanctions on Venezuela and Iran. Traders are assessing the recent hints by the cartel at the possible continuation with the supply cuts for six months. As a reminder, the next OPEC+ meeting takes place in Vienna on April 17-18. Until then, the prices will likely stay afloat amid expectations of the deal extension.

But on the other hand, the rally attempts may be limited by the lingering concerns over the global growth, especially after China trimmed down their growth targets for 2019, which raised fresh demand concerns.

Technically, Brent needs to regain the $67 barrier to confirm a more bullish sentiment in the market. In the short-term, prices will likely remain in a familiar range, with focus will remain on the $666 level.


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