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Rise above $85 in Brent opens potential path towards $87.50

Further to earlier updates, Oil prices have made further progress this afternoon. Brent crude oil for May delivery has now risen above $85 per barrel and in the process, broken out of its most recent range. The high seen earlier was set at $85.53. The next notable resistance level on the charts now would appear to be from an upward trending topside trend line. That is right now in place just ahead of $87.50. Now that is not to say Brent will get there, but more to point out; there is not much on the chart barring it from doing so. Brent for May delivery is currently trading at $85.17

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