Both brent and crude oil prices are inching higher after holding above the upward trendline support
Brent crude touched a high above $65 per barrel on the back of news that the North Sea Forties pipeline system will be shutdown for repair works. But on the day itself, it reversed gains and continued to fall.
The drag affected WTI crude as well, but both sets of commodities found support levels at their own upward trendline respectively (circled areas on the chart).
What's even more interesting now is that there's a wedge forming on both charts too. Taking away the spike from the Forties pipeline closure, brent is actually contained by the 8 Nov high of $64.41.
Both commodities remain range-bound for now, trapped in the wedge but eventually a breakout on either side is pending - watch this space.
