Here is our next updated video about Brent oil price analysis. Brent oil price has plunged almost 8% after OPEC+ agreed on Sunday to raise Brent oil production by 400,000 barrels a month starting from August until September 2022.
This announcement came after OPEC and its allies’s initial meeting on July 1st fell apart. That was due to a disagreement between Saudi Arabia and the United Arab Emirates over the latter’s baseline production quota. Brent oil price 2021 so far was sent to spiral in volatility because of the failed agreement.
The production rise is seen by some analysts as constructive for Brent oil 2021, as the increase in supply will meet the increasing demand after the Covid pandemic restrictions’ lift. Goldman Sachs, however, expects Brent oil prices to gyrate in the coming weeks due to the risks from the Delta variant and the slower pace of supply mobility developments.
According to the Brent oil chart analysis, Brent is pushing through the $65.50 support which opens the door for $61.50 or May lows.
Watch the full video for our take on Brent oil price in 2021 and a deeper insight into what to expect in the weeks ahead from our Brent oil price chart analysis. Drop us a line in the comments with your thoughts on the Brent oil chart. To be notified about the latest Brent oil price forecast and news, subscribe to Capital.com, and click that notification bell.
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