Oil course: Buyers are limited in action - Get to know Forex

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Oil course: Buyers are limited in action


Last Friday, oil continued to develop a rebound from local lows reached around $ 72 per barrel due to aggressive profit-taking on fresh long-term highs. Brent has returned above $ 75.50 but already today morning attempts to develop the rally led to the return of sellers, which indicates limited upside potential at this stage. Traders continue to wonder how the OPEC + countries will behave in the absence of an official consensus on the terms of the deal. If the situation does not clear up in the near future, futures will continue to face selling on upward attempts due to fears of violation of quotas by individual exporters included in the merger. drilling rigs grew by two more units, to 378 rigs. By the way, the latest report from the US Department of Energy reflected a jump in crude oil production in the country to 11.3 million barrels per day. In the short term, it is important for quotes to stay above $ 75 in order to avoid a return under the 20-day moving average. In the northern direction, the closest important target is the level of $ 77 .______________________ Arseniy Dadashev, Director, Academy of Finance and Investment Management


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