Despite the stronger US dollar, the price of Brent crude oil continues to increase. This is due to many factors, but mainly to the limitations in production and exports by OPEC +, which led to the emergence of backwardation not observed for several months. The 12-month difference already exceeds $ 4 per barrel, obviously a plus for the current contract. Brent is trading around $ 60 a barrel, though it is still $ 10 below the January 2020 peaks where the downtrend is located. A similar line has already been broken by the WTI crude oil. Interestingly, the RSI on the weekly chart exceeds the 70 pts level for the first time since 2018, while the seasonality indicates a rebound from the local low.
If the EURUSD returns to its upward move, this could boost oil prices.Source: xStation5
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