TheNews

The recent rally in the price of oil appears to have stalled ahead of the record high ($147.27) as the rapid rise dampens the outlook for consumption. However, recent data prints coming out of the US suggest demand will remain robust in 2022 amid a downward trend in crude inventories.



Weekly Brent Crude Oil price is located above Ichimoku cloud in the bullish area of the chart. The bullish triangle pattern was formed with 133 resistance level, and if the price breaks this level so the bullish trend will be continuing. Alternatively, the weekly price will be on secondary ranging within the primary bullish trend.

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