Oil Technical Analysis: Non-OPEC inflow
Oil prices remain elevated with tensions in the Middle East nearing a new dynamic. After Iran vowed to retaliate against Israel or any US asset in the region, tensions are getting high as such an attack could drag the whole region back into a long drawn-out dispute with the risk of Oil delivery disruptions. Meanwhile, the bearish IEA report said that Brazil soon will add substantially more non-OPEC Oil to the markets. Although Brazil was set to join OPEC from the beginning of this year, that inauguration still needs to happen.
If the high of last week at $87.12 gets broken, the $90 handle should come into grasp. One small barrier in the way is $89.64, the peak from October 20. In case of further escalating tensions in the Middle East, expect even $94 to become a possibility, and a fresh 18-month high could be on the cards.
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