Oil finally breaks higher and with decent momentum
Another strong showing on Friday saw oil prices finally make a significant move higher, with Brent breaking above $77 and ending the series of lower highs in price. There still remain obstacles above but this could be a very significant breakout in the price after such a long period of consolidation.
What’s more there doesn’t appear to be any shortage of momentum behind the move; in fact, it has seemingly increased which could be another bullish signal. The next obstacle for Brent could be $78.50 where it failed in June and appears to be seeing some resistance again. Saudi Arabia and Russia may finally get what they wanted with the recent cuts.