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Brent has been taking hit from sellers after price reached highest level this year around $70/barrel. However it is being sold off since then.
Several developments regarding oil market -
- Saudi Arabia led coalition and Houthi Rebels has agreed on five day truce to deliver humanitarian aid to sufferers in Yemen, however according UN five day truce is not sufficient to deal with humanitarian crisis over there. Brent will once again focus on the development once fighting resumes.
- Saudi Arabia's king Salman has declared to skip Arab leaders meet in Washington. He will be sending his crown prince in his stead. Along with Saudi King, leaders of United Arab Emirates, Oman and Bahrain have also cancelled their meetings with US president Barrack Obama showing signs that Arab leaders are not very pleased with Washington's involvement in the Iran nuclear talks.
Talks suggest that supply from Russia and Iran continue to pose challenge for recovery in crude prices. As of now OPEC leaders are scheduled to meet on June 5 in Austria, however that meeting is expected to produce no good news for oil bulls as rift remains large among Gulf and other oil producers.
Brent is currently trading at 64.6/barrel. Further fall is likely as gravestone doji in daily chart remains in play.
