Brent Oil is on the way to the 2020 high at $71.75 – Credit Suisse

Brent Crude Oil stays on course for the 2020 high at $71.75, despite the current pullback, strategists at Credit Suisse appraise.

Key quotes

“Brent Crude is seeing a near-term pause but with a bull ‘flag’ continuation pattern in place, this is seen as a temporary and healthy breather ahead of further strength to the $71.75 high from last year. Whilst a fresh pullback below here will be looked for, a break can see next resistance at $79.10, the ‘measured flag objective’.” 

“Support is seen at $62.09 initially, below which can see a minor top for a fall back to $57.42, potentially $54.60/48, which we look to hold.”