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Brent crude added about 2% at the end of Tuesday trading

Pushing off local lows, Brent added about 2% at the end of Tuesday’s trading, closing below $ 56 per barrel, which acted as a resistance. Today, during the morning session, quotes overcame this barrier, testing the zone of $ 56.30. As part of the monthly report released yesterday, the IEA again lowered the forecast for global oil demand in 2021 by 280 thousand barrels per day, to 5.5 million barrels. Meanwhile, global supply growth is estimated at 1 million barrels per day after falling 6.6 million barrels per day last year. Moreover, the agency expects additional growth in global supply, driven by improved demand indicators in the second half of the year. Despite the predominantly negative report, oil gained good weight due to other favorable factors. The dollar, which resumed its decline a day earlier, developed a decline, thereby supporting the commodity segment. The increased pressure on the US currency is due to the rhetoric of Janet Yellen, who during her speech yesterday showed soft rhetoric, pointing to the prospects for further support of the economy, and without raising taxes, while the economy is in the coronavirus crisis. Against this background, stock markets rose and continue to strengthen on Wednesday along with other risky assets. Continuation of this trend in the short term suggests Brent testing the $ 56.50 resistance zone, a breakout of which will clear the way for new highs above the $ 57 level. However, on the way to fresh peaks, new attempts at correction are not excluded .____________________ Arseniy Dadashev, Director, Academy of Financial and Investment Management

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