Brent Crude Closes Above $85 a Barrel for First Time Since 2018
- Oil price volatility here to stay in the short-term: analyst
- Technical indicators show oil sitting in overbought territory
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The global benchmark Brent closed above $85 a barrel for the first time since October 2018 amid a stronger equity market and ongoing concerns around a worldwide energy crisis.
Brent crude futures eked out a 0.9% gain on Tuesday after a choppy session, while the U.S. benchmark crude closed at a fresh seven-year high. Risk-on sentiment prevailed in the broader markets as equities rose and the U.S. dollar weakened. Meanwhile, Russia signaled that it won’t go out of its way to offer European consumers extra gas to ease supply tightness unless it gets approval for a controversial pipeline.