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Oil is rising moderately

Olymp Trade

Brent crude oil has moved to moderate growth. Bulls are trying to break through the level of $61.0 per barrel and it is quite possible that they will succeed. If successful, a return to the price range of $63.0-64.0 can be expected, where a large trading volume is concentrated. If such a positive scenario is realized, the medium-term trend line will be broken, which will push the market towards further growth. The market is now very sensitive, meaning good news is needed for such movements.

The local trigger for this can be the publication of data on crude oil inventories by the US Department of Energy. The American Petroleum Institute (API) announced a decrease of 3.45 million barrels of oil in the United States last week. The consensus forecast is a decrease of 1.89 million barrels, and the forecast of analysts surveyed by Bloomberg is minus 1.5 million barrels. The previous two weeks have shown an increase in stocks, causing increased volatility. The decline will provide additional support to buyers at the time of a relative pause in the issue of a trade war between the US and China.

Olymp Trade Review

Source: https://olymptrade.com/
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