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Oil bulls are getting ready

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Brent crude oil has continued to grow since the beginning of the week, breaking $65.0. The asset came out of its$63.0-64.0 consolidation zone where it had been trading all last week. At the moment, quotes are back in the middle of the medium-term upward price channel. Its upper limit is in the area of ​​$68.0-69.0 per barrel, and bulls have every chance to bring quotes there as a result of the trading session on Wednesday.

On Wednesday, crude oil inventories in the United States will be published. According to data from the API, oil reserves in the United States fell by 6 million barrels by the week. The consensus forecast for official data from the Department of Energy is minus 2.59 million. Analysts polled by Reuters and Bloomberg predict similar figures - a decline of 2.6 and 2.75 million barrels, respectively. Everything indicates that weekly stocks reduction will be the seventh in a row. So it can be expected that oil prices will increase after the data is announced.

Oil will also be supported by a decision of the US Federal Reserve on the interest rate. The Fed began a two-day meeting on Tuesday and is expected to cut interest rates for the first time since the global financial crisis more than a decade ago. The weakening of the dollar should lead to an increase in quotes.

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Source: https://olymptrade.com/
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