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Thursday, June 24, 2021

Brent crude breaks the key $72 level

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$72.05 was high in 2019

Brent is the key chart to watch in the energy space. It’s climbed to a fresh-post pandemic high at $72.13 and in doing so, it took out the 2019/2020 double top at $72.05. The 2019 high was $75.73 and if we can get a close at these levels, there is nothing stopping a run to there on the technical side — though Iran negotiations continue to loom.

$72.05 was high in 2019
On the WTI side, it’s up $0.93 to a cycle high at $69.75. A touch of $70 would change the conversation in oil, it would also leave Cathie Wood ‘surprised‘.

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