Brent crude oil price has been in the midst of recovery after a major pullback in April 2023. The recent production cuts by OPEC+ appear to have failed to keep Brent crude price higher as the price retested its yearly lows this month. The decrease in output led to an initial surge which took the price to the $87.45 level. However, the pump was short-lived, and Brent oil price is currently trading 14.5% below those highs. On Wednesday, Brent crude turned green after a 1.10% drop on Tuesday. This also translates into a weekly gain of 1.73%. Our analysis shows that the price is forming a bearish pattern. The concerns ... (full story)