TRENDING:

GBP/USD

XAU/USD

Brent Price Analysis: Oil hits two-month high

Brent hits over a two-month high price of $44 per barrel.
The daily chart shows a bullish channel breakout.

Omkar Godbole FXStreet Contributor

Oil prices reached two-month highs a few minutes before the press time, extending the weekly gain on optimism generated by the US drugmaker Pfizer's disclosure of positive results of its coronavirus vaccine.

Brent crude rose to $44.16, the highest level since Sept. 4.

The move comes a day after the black gold advanced 4.76%, confirming an upside break of the channel pattern represented by trendlines Sept. 18 and Oct. 9 highs and Oct. 2 and Nov. 2 low and opening the doors for a re-test of the Aug. 31 high of $46.50.

The breakout is backed by an above-50 or bullish reading on the 14-day relative strength index. Further, the MACD histogram is printing higher bars above the zero line, indicating a strengthening of the upward momentum.

The bullish bias would be invalidated if oil ends Wednesday below $41.72 (Tuesday's low).

Daily chart

Trend: Bullish

Technical levels

Brent Oil

Overview
Today last price	44.16
Today Daily Change	0.50
Today Daily Change %	1.14
Today daily open	43.72

Trends
Daily SMA20	41.37
Daily SMA50	41.75
Daily SMA100	42.89
Daily SMA200	40.54

Levels
Previous Daily High	43.82
Previous Daily Low	41.96
Previous Weekly High	41.64
Previous Weekly Low	35.85
Previous Monthly High	43.76
Previous Monthly Low	37.31
Daily Fibonacci 38.2%	43.11
Daily Fibonacci 61.8%	42.67
Daily Pivot Point S1	42.51
Daily Pivot Point S2	41.3
Daily Pivot Point S3	40.64
Daily Pivot Point R1	44.37
Daily Pivot Point R2	45.03
Daily Pivot Point R3	46.24

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD trims gains, nears 1.1700

The EUR/USD pair eases in the American afternoon and approaches the 1.1700 mark. The pair surged earlier in the day after the ECB left interest rates unchanged and upwardly revised inflation and growth figures. The US CPI rose 2.7% YoY in November, nearing Fed’s goal.

GBP/USD steadies below 1.3400 as traders digest BoE policy update and US inflation data

The GBP/USD pair stalls the previous day's pullback from the vicinity of mid-1.3400s and a nearly two-month high, though it struggles to attract meaningful buyers during the Asian session on Friday. Spot prices currently trade around the 1.3380-1.3385 region, up only 0.05% for the day, amid mixed cues.

Gold edges lower despite Fed rate cut hopes on cooling US inflation

Gold price declines to below $4,350 during the early Asian trading hours on Friday. The precious metal edges lower due to some profit-taking and weak long liquidation from shorter-term futures traders.

Bitcoin, Ethereum, XRP face sharp volatility as US posts lowest inflation rate in years

The latest inflation report released on Thursday in the United States sparked a wave of volatility in the crypto markets. The US Consumer Price Index rose 2.7% YoY in November, below forecasts of 3.1%, and lower than September's 3.0% reading, according to the Bureau of Labour Statistics.

Bank of England cuts rates in heavily divided decision

The Bank of England has cut rates to 3.75%, but the decision was more hawkish than expected, leaving market rates higher and sterling slightly stronger. It's a close call whether the Bank cuts again in February or March.

Ripple holds $1.82 support as low retail demand weighs on the token

Ripple (XRP) is trading between a key support at $1.82 and resistance at $2.00 at the time of writing on Thursday, reflecting the lethargic sentiment in the broader cryptocurrency market.

Daily chart

Technical levels

Brent Oil

Legal Text

Markets move fast. We move first.

Editor's Picks

Best Brokers in 2025