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Oil is Rising Despite Fundamental Factors

Olymp Trade

Brent crude oil began its moderate grow inside the upward price channel. Bulls broke the level of $59.5 and its retest was followed by their attempts to gain a foothold above $60.0. Now, oil is mostly trading in the middle of the channel, but if the current trend continues, the zone of $61.0-61.5 per barrel will become the local target for buyers.

Notwithstanding the fundamental background, oil is locally strengthening. China’s Q3 GDP was released on Friday. It fell down to 6% against a forecast of 6.1%, and a previous value of 6.2%. This is an anti-record for the Chinese economy, and the lowest reading for at least 27 years, caused by weak industrial production and trade confrontation with the United States.

On Thursday, the EIA released data on crude oil inventories in the United States. They grew by 9.281 million barrels, with a consensus forecast of 2.878 million barrels. Nevertheless, at the moment the reaction of the market was weak, and soon the quotes began growing.

Olymp Trade Review

Source: https://olymptrade.com/
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