The attached chart shows that Brent crude continues to stabilize below the resistance level of $114 per barrel, moving within a sideways range that has persisted since the beginning of March.

Although prices attempted to break above this resistance level on four previous occasions, they retreated each time.

The chart also highlights price fluctuations between the resistance level at $114 and the support level at $83.

Brent crude rose by around 5% at the start of this week’s trading, as markets await the outcome of the anticipated meeting between the world’s two largest economies. Freedom of navigation through the Strait of Hormuz is expected to be one of the key topics of discussion, with the United States seeking to ensure uninterrupted maritime traffic, while China has instructed its companies not to comply with US sanctions imposed on Iranian oil imports.

The importance of this meeting and its impact on oil prices are growing amid rising inflation in the United States, which could create political risks ahead of the midterm elections next November, especially since curbing inflation was one of the key promises of the current US administration.