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Oil Makes Run to Break $63 Level

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Brent crude oil has strengthened over the past 2 trading sessions. Bulls made another attempt to break the current key level of $63. If they succeed, a serious breakout to in reaching the zone of $64-64.3 per barrel is very possible.

At the very least, updating the local maximum above $63.2 should occur. Since the beginning of October, there has been a developing uptrend and it is currently concentrated at a median value.

The price momentum may continue be to Thursday evening when the US Department of Energy will publish crude oil inventories. The consensus forecast suggests an increase of 1.65 million barrels.

Experts interviewed by S&P Global Platts, forecast an increase in oil reserves by 1 million barrels but with a decrease in gasoline inventories by 1.7 million barrels and distillates by 1.6 million barrels, which could also drive quotations growth.

The EIA on Wednesday raised its forecast for US oil production in 2019 by 0.2% up to 12.29 million bpd and by 0.9% to 13.29 million bpd for 2020. The EIA left the forecast unchanged for the average price of Brent crude oil in 2020 at $60 per barrel.

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Source: https://olymptrade.com/
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