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Will oil turn?

Olymp Trade

Brent crude oil could not overcome the level of $ 63 / b, currently touching it at the moment. Quotes returned to the local uptrend line, but no breakthrough followed. In the near future, either the bulls will make a new attempt to storm $ 63, or the bears will begin to break the local trend. Although a possible entry point to signalize their victory would be the capturing of the area below $ 59.5 / b.

Yesterday data was published from the American Petroleum Institute (API) and put local pressure on price. Oil reserves rose over the past week by 6.55 million barrels according to the report.

Today also presented negative data for oil. Crude oil and gasoline reserves were much higher than the forecast, having increased by 7.97 and 4.05 million barrels, respectively. At the same time, the market reaction at the time of the release to such statistics was fluctuant.

Whether these statistics will be a sufficient enough to change the trend, we will see in the trading session ahead.

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Source: https://olymptrade.com/
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