Brent Crude Oil
has been dominated by the bears due to the weak fundamentals and oversupply, demand constraint and insufficient OPEC+ agreement. Brent price dipped again after a short euphoria on the OPEC+ agreement reflecting conflicting vision on traders and investors. Having said that, the Technical Analysis
reflects the market is re-testing the lower 20s range and is comfortable at US$25/ Bbl
. This could form an Inverted Head & Shoulder pattern looking forward to economic recovery signals.