Brent crude's current momentum has taken prices to a three-week high, with the latest move being supported by a combination of underinvested hedge funds, improved risk sentiment following a softening in the tone regarding tariffs after Trump indicated some nations could receive breaks from "reciprocal" tariffs starting next week on 2 April, and not least, the mentioned secondary tariffs on buyers of Venezuelan crude, which, together with Iran sanctions, may help tighten supply.
Overall, we maintain our USD 65 to USD 85 range for the year, with the near-term upside potential being limited by resistance now seen in a band between USD 73.80, the 0.382 Fibonacci retracement of the January to March selloff, and USD 74.10, a level that provided support on several occasions last month before the eventual break triggered a slump extension to near USD 68.
Overall, we maintain our USD 65 to USD 85 range for the year, with the near-term upside potential being limited by resistance now seen in a band between USD 73.80, the 0.382 Fibonacci retracement of the January to March selloff, and USD 74.10, a level that provided support on several occasions last month before the eventual break triggered a slump extension to near USD 68.
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