Brent crude is currently trading at a 2-yearly high and trying to gain a foothold at a level above 60 dollars per barrel. In connection with Sunday's news from Saudi Arabia and the tensions in the region, oil prices have started to update the highs, but this entails the activation of shale oil extractors, which are also not against the increasing prices for the black gold.
The increased profitability of shale oil production causes a return to the market of new players, which in turn are entering the market. The price may return to the level below 60 dollars per barrel as a result. Since OPEC has also not yet fully agreed with partner countries on the opportunity to reduce production by 1.7 million barrels a day, it is unlikely to stop the other players in the market. This is why we do not expect a long upward trend. At the moment, the value of the commodity has grown, so it is possible to hold short positions in relation to this, but we must also expect them to fall soon.
Today we also expect the weekly US report on crude oil inventories, which also undoubtedly will affect the quotes.
