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Oil collapses at the same level for the second time

Olymp Trade

Brent crude oil failed to gain a foothold above $70 a barrel and continued to fall. Market volatility is increased but most momentums are bearish pulses. Bulls have been looking quite weak lately. Statistics on crude oil inventories have led to aggressive sales for the second time in a row. A breakout of the global trend took place at this moment a week ago, and the oil price collapsed by 5%. The data released on Thursday lowered the market to the same level where the price stopped last Wednesday - $ 67.3. At the moment, the level is being tested. If it is broken, expect a further quotation drop to $66.0-66.6.

The experts interviewed by S&P Global Platts, expected a more significant decline in oil inventories - 1.4 million barrels. As a result, according to the US Department of Energy, the oil reserves fell by 0.282 million barrels, gasoline increased by 2.2 million, and distillates fell by 800 thousand barrels last week. Oil production in the United States increased by 100 000 bpd to the record number of 12.3 million bpd.

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Source: https://olymptrade.com/
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