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Oil is Getting Ready For an Uptrend

Olymp Trade

Oil continues to strengthen, having added about 2% since the beginning of the week. The resistance level of $63.0 is a local barrier for bulls. After consolidation in the current zone, it is very likely that the upward movement will continue. As we already indicated in our previous reviews, the target for buyers will be the area of $65.6-67.3, where local highs were previously recorded.

The US Energy Information Administration reduced its Brent crude pride forecast price. In the fourth quarter of 2019, oil price is expected to reach $60 per barrel. In 2020, the price might go up to $62 per barrel. The forecast was reduced from $64 and $65 per barrel, respectively. The production is expected to be 12.3 million bpd in 2019 and 13.3 million bpd in 2020, which is 0.1 bpd lower than the previous values. The productivity growth slowdown was mentioned as one of the reasons.

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Source: https://olymptrade.com/
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