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Oil Continues to Grow

Olymp Trade

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.

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Source: https://olymptrade.com/
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