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Technical indicators forecast a flat trend for oil price


Brent oil price consolidates inside 3-dollar corridor after significant growth by 10% in the middle of February.

Brent oil price intends to spend March in narrow corridor

We assume the price will maintain its positions in the corridor during March pending news from OPEC+ agreement.
Head and shoulders pattern was fully completed and MACD sends bearish signals. Correction in a form of flat trend is absolutely adequate.

Brent oil price chart

Brent oil price chart

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