Brent oil pricings continue to increase in value as the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement to cut production by 2 million barrels per day. In addition, the European Union's (EU) new sanction initiative against Russia keeps supply concerns on the alert. Technically speaking, brent oil, which carries its rising minor trend to the fourth trading day of the week, is likely to continue its rise until the 95.55 resistance, with a permanent transition above the 94.00 level. In possible downward movements, psychological 90.00 support may be in question after 91.00 support.

Support: 91.00 – 90.00 – 88.75
Resistance: 94.00 – 95.55 – 97.00