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Oil Is Under Consolidation

Olymp Trade

Brent crude oil corrected to a local support level of $61.0 and continues to consolidate in the range of $61.0-62.0 per barrel. Price has been concentrated in this area for a week, but in general, the movement has been taking place within the already familiar price channel since the beginning of the current month. If bulls manage to break through $62.0-62.5 area, the price will rise past the upper boundary of the channel and the zone of $63.5-64.0.

The next event that will affect quotes will be the publication of US crude oil inventories, which will be released on Wednesday. According to the report of the API (American Petroleum Institute), oil reserves in the main oil storage in Cushing last week rose by 1.22 million barrels, and throughout the country by 708 thousand barrels. Nevertheless, the API collects information on oil reserves on a voluntary basis, so the official data published by the EIA will be different.

This week, a meeting was held between the oil ministers of Nigeria and Saudi Arabia. As a result of the meeting, during a press conference, it became known that Saudi Arabia is ready to reduce production even more than what is stipulated by the OPEC+ agreement.

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Source: https://olymptrade.com/
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