10:38 AM · 5 February 2021

⛽ Brent nears $60 per barrel

Brent (OIL) jumped above a $59.50 swing level today as oil remains in investors' favor. Brent caught a bid following a break above the descending triangle pattern and buyers benefit from broad risk-on moods seen on the global financial markets this week. Bullish momentum was further supported by news saying that OPEC+ stays committed to reducing crude surplus on the market. While Brent has been lagging WTI recently, it is now trading at 1-year highs as well.

Brent reaches 1-year high and nears $60 per barrel. Source: xStation5

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