Crude Oil Analysis: Bulls Eye Break of Crucial Resistance for Fresh 2019 Highs

Wednesday February 13, 2019

While yesterday’s jawboning from OPEC continues to keep the oil complex bid. The improvement in the global risk tone has also provided a lift for Brent crude futures. Overnight, government shutdown fears had abated slightly after reports suggested that President Trump may reluctantly accept the bi-partisan agreement thus avoiding another government shutdown. On the Trade front, sentiment has picked up following news that President Xi were to meet with the Trump administration later this week, while President Trump has also hinted that the US could extend the March 1st deadline, provided that an agreement could be reached in the near-term, consequently reducing investor angst that trade tensions will escalate.

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