Brent Update

On Monday, April 18, at the end of the day, the price of oil rose by 1.10% to 112.62. In the American session, a barrel of Brent rose in price to $114.80. The market continues to receive support from reports that two Libyan ports have stopped oil shipments due to the political crisis.

On Monday, Libya suspended production at its largest oil field and warned of further production cuts. The Ash-Sharara field produced 280,000 barrels of oil daily. After the forced closure of the El-Fil field, production was completely stopped at the Abu al-Tifl, El-Intisar, An-Nakhla and Nafura fields.

On Tuesday, April 19, Brent oil costs $113.50 per barrel. Buyers headed for the level of $120 per barrel. The technical picture is favorable for buyers. Considering that the price rises reluctantly and forms many peaks on the intraday chart, we can assume short-term pullbacks of $2-3.

Timeframe - 8H
Buyers have passed the trend line and now they have an open road to 120. I took the minimum target, because the hours do not like the upward movement. Here it was also possible to consider the W - shaped model, but due to insufficient speed, I also did not adhere to it. States should soon start selling oil from reserves. In this regard, we should probably expect a flat in a wide range.