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Oil is over 66$

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Brent crude oil continues to strengthen. Asset has been traded in a local bull trend since the beginning of December and on Wednesday updated its local maximum at $66.4 per barrel. Bulls managed to gain a foothold above the level of $66.0. Thus, oil reached the zone of $66.0-66.6, which was mentioned in previous reviews. It is very likely that in the coming trading sessions, price will be concentrated in this range, after which growth is likely to continue.

Local maximum was updated amid the publication of US crude oil inventories. EIA on Wednesday reported that oil reserves in the country over the past week fell by 1.085 million barrels, while gas inventories increased by 2.529 million barrels and distillates by 1.509 million barrels. Reserves were expected to decline by 2.5 million barrels.

New Energy Secretary Dan Brouillette told Bloomberg on Wednesday that the golden age of shale oil in the country has not yet ended. The Minister believes that the advent of new drilling technologies will better prepare companies for price fluctuations, so the expected slowdown in production growth next year is likely to be temporary.

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Source: https://olymptrade.com/
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