Brent Crude Hovers Below $84, OPEC Meeting in Spotlight

On Monday, Brent crude futures remained just below the $84 per barrel mark, following initial gains driven by ongoing geopolitical tensions in the Middle East. Despite the tragic helicopter crash resulting in the deaths of Iran's President and Foreign Minister, and Saudi Arabia's Crown Prince postponing a trip due to health issues, there are currently no immediate indications of disruptions in oil supply. Investor focus is keenly directed towards OPEC's forthcoming meeting on June 1, where discussions on the potential continuation of production cuts will be pivotal. Furthermore, recent events such as Ukraine's assaults on Russian refineries and a Houthi missile attack on an oil tanker bound for China in the Red Sea have contributed to market uncertainty.

In crude oil, which retreated due to selling pressure from the declining trend resistance level and also the 200-day moving average level at 80.10, the first resistance level to be encountered would again be this point, at 80.10. If this level is broken and maintained, resistance levels of 81.10 and 82.00 can be followed sequentially. On the downside, the level of 79.00 will serve as the initial support, and downward movements below this level may be monitored for support levels at 78.30 and 77.60, respectively.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
82.00	81.10	80.10	79.00	78.30	77.60