Brent to consolidate until further News Development - Trade the Range

On Thursday, March 10, oil trading ended with a decline. At the end of the day, a barrel of Brent fell by 2.60% to $109.15. The price has been in a correction phase for two days. Buyers began taking profits on long positions after reaching $133.10.

To provoke them to fixing could be the news that in order to stabilize prices in the oil market, the States want to sell oil from reserves.

https://www.energy.gov/articles/doe-announces-emergency-sale-30-million-barrels-crude-oil-strategic-petroleum-reserve - link

The US also urged other oil producers to actively increase production in order to compensate for the missing supply in the market.

On Friday at the auctions in Asia, a barrel of Brent costs $109.25. Trades are relatively quiet. At the end of the week we expect consolidation in the price range of 104 - 116 dollars per barrel.

Trade Example: Buy 10,000 Units Brentpro as close as possible to $105 with potential upside towards median at $109 for potential of up to €36,000 once take profit is reached.

Trade Example : Sell 10,000 units of Brentpro as close as possible to $115 with potential downside towards median $109 for potential of up to €54,000 once take profit is reached