#forexbreakfast Commodities – 28/03/2022
Brent crude prices skyrocketed after Yemeni rebels attacked Saudi oil refineries, raising supply concerns. The OPEC+ meeting this week will be crucial, given calls from some OPEC members to accelerate production (currently 400,000 b/d per month) to compensate for lower Russian output. From a technical point of view, Brent remains within a strong uptrend, despite the weekly stochastic indicating a loss of momentum. The first short-term support passes through area 103. Lower we find last week’s low at 96.93$/b.
Week in slight decline for copper, which does not pose a critical picture on the supply side. On the upside, the resistance to be monitored is the all-time high at 10845$/t recorded this year, the overcoming of which could project prices towards the resistance at 11350$/t.