⛽ Brent breaks above $60 📈

OIL at fresh 12-month highs!

Brent broke above the $60 per barrel for the first time since late-January 2020. Oil prices are experiencing the best start of the year in the past 30 years and have gained almost 20% already in 2021. While 30 years ago gains were driven by the Gulf War, this time prices are being supported by weak USD and lower supply from OPEC+. Expectations of faster than expected return of demand serve as another driver of the upward move. Peak from January 2020 can be found above $70 per barrel and seasonal patterns hint at local high being reached in the second half of February. RSI indicator sits at the highest level since 2018, when prices dived at the turn of January and February.

Brent broke above $60 per barrel. Seasonal patterns hint that local peak should be reached around February 21. However, RSI is starting to show extremely overbought levels. Source: xStation5