Brent Oil Price Resumes Positive Momentum – March 4, 2024

by Jennifer

In a notable development, Brent oil prices decisively breached the 83.87 level, concluding last Friday above this crucial threshold. This breakthrough has effectively activated the positive scenario on both intraday and short-term scales, with market analysts suggesting a potential surpassing of the 85.00 barrier. Such a move could pave the way for additional gains, with an ultimate target set at 86.74.

The prevailing bullish bias is expected to endure in the upcoming period, supported by the influence of the EMA50. It is essential to note that a break below 83.87 could halt the positive scenario, potentially returning the price to a sideways trajectory.


Investors and traders are advised to remain attentive to market dynamics, closely monitoring the critical support and resistance levels. Breaking below 83.87 may indicate a deviation from the current positive trend.


For today, the projected trading range is expected to fluctuate between 83.00 (support) and 86.00 (resistance), serving as key benchmarks for potential price movements.

In summary, Brent oil prices showcase a renewed positive momentum, marked by the breach of the 83.87 level. The market anticipates further gains, with a reminder that vigilance is necessary in the face of potential fluctuations.

Projected Trading Range for Today: 83.00 (Support) – 86.00 (Resistance)

Anticipated Trend for Today: Bullish

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