Brent Oil Price Analysis for Rest of 2021 | Will Brent Oil Break Out?

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Brent Oil Price Analysis for Rest of 2021 | Will Brent Oil Break Out?

Here is our video about Brent oil price analysis for the rest of 2021. Brent oil price 2021 rose 44% YTD, an impressive performance given the outlook for increased production from OPEC this year.

According to our Brent oil price analysis, it is slightly boosted today by the EIA report that raises Brent oil 2021 projections. The organization sees Brent oil price averaging $65.19 per barrel in 2021 vs the previous $62.26 forecast released in May. For 2022, the EIA projects that Brent spot prices will average $60.49 per barrel vs the $60.74 per barrel outlook made previously.

As per Brent oil chart, the price seems to be nearing a critical $72.90 resistance that has limited it before from breaching $73. $73.93 is another important level that hasn’t been seen since May 2019. According to our Brent oil chart analysis, a failure to break $73 would open the door for $71 recent support level.

If Brent falls below current levels and reaches $71.30 or MA50 support zone, investors might be looking to buy the dip. Brent oil is also threatened by a pullback around $73.93, especially if it coincides with another rising production data.

Watch the full video for our take on Brent oil price in 2021 and a deeper insight into what to expect in the weeks ahead from our Brent oil price forecast. Drop us a line in the comments with your thoughts on the Brent oil price chart lately. To be notified about the latest Brent oil price analysis and news, subscribe to Capital.com, and click that notification bell.

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