Chart of the day - OIL (04.02.2022)

Brent crude price jumped above $91.00 per barrel during today's session, reaching highest level since October 2014 and bringing year-to-date gains to more than 17%. The benchmark is heading for a seventh consecutive weekly gain as demand for petroleum products surges while supply remains constrained with the market also boosted by rising geopolitical tensions as Russian troops remain massed at the Ukrainian border and the conflict in Yemen intensifies. Meanwhile, OPEC+ agreed on Wednesday to increase oil output by 400,000 barrels per day in March, as widely expected, but analysts are increasingly doubtful that all its members will be able to meet their production targets. 

OIL - price rose sharply in recent weeks and is currently approaching major resistance zone around $97.30 which is marked with upper limit of the ascending channel and 78.6% Fibonacci retracement of the downward correction launched in June 2014. Source: xStation5