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Brent shoots for $58/bbl resistance level

The oil market continued to rally on Tuesday, February 2, with Brent surging another 2.7% to $57.67/bbl, while WTI soared 3% to $54.92/bbl.

A meeting of the Joint Ministerial Monitoring Committee is scheduled to take place today. Yesterday, according to OPEC sources, Western media estimated that OPEC+ implemented 99% of their oil-supply curbs in January, triggering a rally in crude futures. Notably, this news paves the way for Brent to reach $60/bbl or higher, but to do so it will first have to break out of the formidable resistance level at $58/bbl.

Today, oil prices corrected slightly downward at the opening, but then they began to creep up again. At the time of writing, Brent is up 0.23% and WTI is trading 0.11% higher. Our Brent forecast for today is $56.8-58.5/bbl.

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