Brent oil prices have not changed much since the beginning of the current trading session as compared to Friday. The tool is still trading within a range of 57.97-57.69. Oil quotes rose on the uncertainty about Iran's nuclear program last week despite the increase in US oil stocks. Iran's authorities declared that Tehran would not sign any agreements until the whole of economic sanctions were lifted. The preliminary agreement with the US cannot guarantee that the country will reach a deal with other states.
On the whole, we can note that an upward trend has been formed in the oil market and it is likely to continue. The M-200 moving average at 57.34 will act as the main support level.
The nearest resistance level is 58.59 (7/8 Murray)
Disclaimer: This website/communication is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. It has been prepared by Mayzus Investment Company Limited without taking into account any particular person's objectives, financial situation or needs. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision. Past performance is not indicative of future performance. The future value of your investment may rise and fall with the changes in the market.