Brent crude price extended recent upward move and jumped above $93.00 per barrel during today's session, reaching highest level since October 2014 and bringing year-to-date gains to nearly 20% as investors shrugged off signs of progress in the US-Iran talks, after the Biden administration restored sanctions waivers to Iran to allow international nuclear cooperation projects. The benchmark recorded a seventh consecutive weekly gain on Friday as demand for petroleum products surges while supply remains constrained with the market also boosted by rising geopolitical tensions as Russian troops remain massed at the Ukrainian border and the conflict in Yemen intensifies. Over the weekend, US national security adviser Jake Sullivan said Russian invasion of Ukraine could be any day now, unless Kremlin will choose to take the diplomatic path instead. Meanwhile, OPEC+ countries have also been struggling to meet their targets despite agreeing to a planned output increase.
OIL - price rose sharply in recent weeks and is currently approaching major resistance zone around $97.30 which is marked with upper limit of the ascending channel and 78.6% Fibonacci retracement of the downward correction launched in June 2014. Source: xStation5
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