Brent Oil Prices Display Positive Momentum

by Jennifer

As of February 20, 2024, Brent oil prices have exhibited positive trades, nearing the $83.87 level once again. The market awaits a breakthrough of this level to confirm the extension of the bullish momentum on both intraday and short-term bases. The anticipated targets for the near term are set around the 85.55 areas.

The bullish trend remains a suggested scenario for upcoming sessions, with a key condition for price consolidation above $82.70 to achieve the awaited targets. A breach below this level would indicate a potential reversal, prompting a decline towards the main negative target at $81.00.


Traders are advised to monitor the expected trading range for the day, expected to fluctuate between the support level at $82.30 and the resistance level at $85.20.


In conclusion, Brent oil prices continue to strive for positive momentum, with targets set at $85.55. A key support level at $82.70 must be maintained for the bullish scenario to prevail, while a breach below may lead to a downturn towards $81.00.

You May Also Like


Bnher is a comprehensive futures portal. The main columns include futures market, futures exchanges, futures varieties, futures basic knowledge and other columns.

[Contact us: [email protected]]

© 2023 Copyright – Futures Market, Investment, Trading & News