Brent Technical Analysis: As OPEC Meets, Brent Could Rise to $74

Crude oil has been one of the best performing assets this year. This year, Brent crude has gained almost 10% while WTI has gained 6%. In the past few weeks, crude oil has fallen from the recent highs as concerns of overproduction have increased. Today, Brent and WTI have reached $73 and $64 respectively.

This week, traders will focus on an important meeting in Vienna. This meeting will be meant to deliberate on the supply of crude oil after the leaders decided to slash production in 2015. The chart below shows the price movements of crude oil after OPEC and Russia agreed to halt supply.

Brent has now reached $73, which is on the upper band of the Bollinger bands as shown below. The RSI is currently at 50 while the crude oil is currently at the 21-day moving average. As such, the price of crude could move higher as traders wait for the decision. If it does, the price may move up to $74.

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