Where should we start?
- Well first currently $Brent is sitting around 82.5 and time of the chart at 82.88 on the $Brent continuous contract.
link to chart and image of chart here below. https://schrts.co/FjuNByiA

This is a 1.5 year chart and its has something to say with the MacD alone is sitting possibly to recoup and go towards the upside for more as you seen above the candlesticks the performance of brent is sitting at -27.26% on the year or more so past 1.5 years and with silver at its highs its good to keep an eye here on where brent goes because it could affect you at the pump.

This is a 6 month chart
from this chart we get a more clear look of Brent possibly grabbing a support at this 82 area to head towards 90+ again and maybe towards 100

I wont be the guy to just say its only going to go up so i will next include a chart or two to show where we could go to the downside. Realistically it could do both because of how manipulated the market for commodities is whether it be from geo politics or inventory situations or what is going on in the other parts of the world as that would maybe classify as geo politics but anyways it is capable of doing both from what goes and plays a role into it. Events that disrupt supply or increase uncertainty about future oil supplies tend to drive up prices. Given the past history of oil supply disruptions emanating from political events, market participants are always assessing the possibility of future disruptions and their potential impacts.

In some parts you do and don't want higher prices of Brent though
- For one being higher Brent prices could mean we are in a good state economy don't think high prices are always bad
- High oil prices can drive job creation and investment as it becomes economically viable for oil companies to exploit higher-cost shale oil deposits. However, high oil prices also hit businesses and consumers with higher transportation and manufacturing costs.
-Lower oil prices hurt the unconventional oil activity, but benefits manufacturing and other sectors where fuel costs are a primary concern. Which I might add if no one is making money off the prices well business isn't so much booming and people aren't getting paid and that is not fun.

I said i wouldn't be an up only guy to you well here you go...

-Here is a 5 year chart of $Brent the next one will have levels drawn if interested.
downside levels would be a break down towards 75 and a potential push towards sub 65 or 60s this is a longer time frame chart so the time it spans out to be could be soon or later more so later with other time frames showing a possible uptrend coming.

-Still a point to watch is the 75 level and how we react there and the news that comes. It could get bloody quick though with the levels going lower are strong but haven't been there in a while and could overreact.

Here is a 5 year chart of $Brent charted with some levels of support and resistance granite the levels aren't exact because it wouldn't let me zoom in and annotate or chart the charts or I couldn't get to that

Bonus content!

Here is a forecast from trading economics just to prove I am not just drawing random lines and lying to you :)

If you have any opinions where you think the markets are headed please feel free to correct me or tell me how you feel in the forums below I would love to hear any opinion.

News from Trading economics

WTI crude futures fell to around $78 per barrel on Wednesday, sliding for the third straight session as uncertainty over the timing of US Federal Reserve interest rate cuts weighed on the demand outlook. Fed speakers this week have largely called for caution and more confidence that inflation will return to 2% before cutting rates. Industry data also showed that US crude inventories increased by 2.48 million barrels last week, defying expectations for a 3.1 million barrel decline. Moreover, the risk premium stemming from tensions in the Middle East has diminished as oil supplies have not been affected. All eyes are now on the upcoming OPEC+ meeting scheduled for June 1, where key oil producers are anticipated to prolong output cuts in order to prevent a global oversupply and bolster prices.

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