Russia’s Deputy Prime Minister, Alexander Novak, emphasized that the global oil market is stable thanks to ongoing cooperation between Russia and OPEC+. During a high-level meeting, Novak reaffirmed Russia’s commitment as a critical oil supplier and highlighted the importance of the OPEC+ partnership in adjusting to market changes. He praised the current OPEC+ agreement as an effective tool for managing oil production and boosting state revenues.
OPEC also released a statement underscoring the strong partnership with Russia, which it says will continue for the foreseeable future. Both parties remain dedicated to closely monitoring the market and responding flexibly to shifts in global conditions.
XBRUSD – H4 Timeframe
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The chart shows a potentially bullish setup for XBRUSD (Brent Crude Oil) in the four-hour timeframe. Price is trading near the $73.81 level, with upward momentum suggested by the black arrow pointing toward higher resistance near $75.20–$76.00. The demand zone highlighted (the box around $71.50) is the expected area of interest. The ascending trendline support puts forward an additional confluence. The expectation here, therefore, is continued upward movement once price retests these key confluences.
Analyst’s Expectations:
Direction: Bullish
Target:75.15
Invalidation:70.19
XTIUSD – H4 Timeframe
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This XTIUSD (US Crude Oil) chart on the four-hour timeframe highlights a bullish setup, with the price currently trading around $70.00. In case of a pullback, Fibonacci retracement levels suggest potential support zones, with critical areas between 76% and 82%. The bullish market structure and the rally-base-rally demand zone analysis emphasize a possible upward trend. Hence, monitoring any pullbacks into the area of interest for buying opportunities is crucial.
Analyst’s Expectations:
Direction: Bullish
Target:71.10
Invalidation:66.22
CONCLUSION
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