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Oil is Consolidating, but still Bullish

Olymp Trade

Brent crude oil prices have been moderately reducing since Wednesday. Nevertheless, the upward trend has not been broken yet. In the middle of the week, bulls made another attempt to overcome the level of $61.0 per barrel but they failed. Most likely, buyers will try to break it again, while the price will be consolidating above $59.5. If the bulls cope with the current situation, the quotes are quite likely to return to the area of $63.0-64.0. However, if the support level is broken at $59.5, the price will return to $58.0.

Traders took the lack of harsh statements from the United States and China during the trade war as a positive factor. The Fed’s policy on the US dollar is expected to be clarified during Jerome Powell’s speech on Friday. The dollar may be volatile against the background of the increased attention, which will influence the whole market, including the commodity one.

According to the report made by UBS AG Bank, oil price will rise to $65 in the coming quarter due to a reduction in fuel reserves worldwide. Nevertheless, it may drop to $62 in the next half year, and there is a prospect of a decline to $60 per barrel due to the trade risks in the following year.

Olymp Trade Review

Source: https://olymptrade.com/
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