Brent crude ended Tuesday at $66.31, up 0.78%, with traders closely monitoring the 200-day moving average at $67.70—the nearest and most relevant resistance level.
A break above $67.70 would mark a technical shift, targeting the swing highs in the $68.40s and beyond. Immediate support is seen at $64.92 and $64.37—two structural levels that have held during recent pullbacks.
The market is factoring in rising geopolitical tensions following Israel’s strike on Hamas leaders in Doha, a move condemned by OPEC+ members including Saudi Arabia, Iran, and the UAE. This adds to already bullish fundamentals, including weak OPEC+ spare capacity and continued Chinese crude stockpiling.
Outlook: Bullish bias remains intact. A confirmed move above $67.70 would unlock further upside. Until then, Brent is expected to trade between $64.37 and $67.70, driven by geopolitical headlines and technical flows.
More Information in our Economic Calendar.
