Since early hours in Asia, the price is consolidating around the $75,50 mark as the market is on a wait-and-see mode ahead of Trump’s verdict. The risk is that the strategy “buy the rumor, sell the fact” may play out today, as traders may rush to a profit taking on the announcement following a short-term jump. While the market is focused on Iran, today’s inventory data may remain unnoticed by investors.
From the technical point of view, Brent needs to regain the $76 level to confirm further impetus. As long as the price remains above the 20-DMA around $73,60, the upside risks prevail in the short term. Should the traders confirm the “sell the fact” trade, the mentioned moving average could serve as a .