There local trend in the oil market has been bullish since the middle of the week when Saudi Arabia reported its plans to tighten oil production at the next OPEC + meeting. The price returned to the middle of the ascending price channel, in which Brent has been trading since early October. Bulls overcame the resistance level of $61.0 per barrel and are clearly targeting at $62.0. The upper limit of the channel, and the next strong resistance level are at around $62.5. It is where buyers are likely to meet a decent counterpunch from sellers.
The growth was additionally stimulated by a decline in US crude oil inventories. On Wednesday, the EIA released its weekly report. Oil stock decreased by 1.699 million barrels, with a consensus forecast of growth by 2.232 million barrels. Distillate stocks almost came out in line with the forecast, but gasoline stocks decreased more than the market had expected: by 3.107 million barrels instead of 2.267 million barrels.