Possible recovery for Brent oil due to US drilling slowdown

From Investing.com: 2025-04-08 06:09:00

Brent oil prices are volatile due to US tariffs, potential global recession, and OPEC+ supply decisions. Technical analysis suggests a possible recovery for Brent crude, with US drilling activity potentially slowing down if WTI prices remain below $65 per barrel. OPEC+ is concerned about the market’s reaction to a recession, with a Reuters report showing a drop in oil production. Market participants may find a glimmer of hope in the supply and demand picture, with a possible slowdown in U.S. drilling providing support. Inventories data is due later this week, with weak demand expected. Technical analysis on Brent crude shows a potential recovery, with resistance at 66.42 and 68.17. Client sentiment data indicates a long position on WTI, suggesting prices could decline further.



Read more at Investing.com: Will Brent Oil Recover? Trade Tensions and Inventory Data to Watch