Oil bounced off $ 72 a barrel and climbed above $ 74 - Get to know Forex

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Oil bounced off $ 72 a barrel and climbed above $ 74


Oil rebounded from $ 72 a barrel and climbed above $ 74 in a rebound that brought quotes back to the 20-day moving average. Brent maintains a slight bullish bias on Friday and may cut weekly losses for the rest of the day, however upside potential looks limited. The overall market picture remains favorable. The main factor that introduces uncertainty is the disagreement within OPEC +, which makes players fear a violation of discipline by the parties to the transaction. Also, some pressure on the market is beginning to be exerted by concerns about the spread of new strains of coronavirus, although so far this factor has an indirect effect on prices. The reason for the rebound was the statistics from the United States, which reflected a drop in crude oil inventories by almost 7 million, to the lowest since February last year. values, while gasoline inventories fell by more than 6 million barrels. Buyers seized on favorable numbers and pulled the barrel away from local lows. The technical picture improved after the rebound, but to be more confident, the quotes require a breakdown of the mentioned moving average, which today is in the area of ​​$ 74.55 and is blocking the way to the $ 75 mark ._________________ Arseniy Dadashev, Director , Academy of Finance and Investment Management


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