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Oil price accelerates with a target of $ 70 per barrel

On Thursday, oil added in price again, but on a much more modest scale than the day before. Today Brent maintains an upward bias, pushing monthly highs to $ 67.36 a barrel. Futures have risen 6.5% since the start of the week and are now targeting the $ 70 level. This week the market received decent support from the simultaneous improvement in OPEC + and IEA demand forecasts, coupled with falling US oil inventories and a weak dollar. Against this background, concerns about a pandemic in a number of countries and an increase in OPEC + production have so far receded into the background. Today Brent is reacting to the latest Chinese statistics, which generally made a good impression on the players. The country’s economy grew by 18.3% on an annualized basis, slightly falling short of forecasts. Meanwhile, retail sales, which jumped 34.2%, significantly exceeded expectations, confirming the recovery in the world’s second largest economy. During the day, the recovery in the dollar, which responds to favorable data on US retail sales, could contain price upside potential. In the coming days, Brent may head towards the $ 70 level if market conditions and general sentiment on global exchanges contribute to this. In case of correction, the quotes will first go to the area of ​​$ 66.50 .______________________ Arseniy Dadashev, Director, Academy of Finance and Investment Management

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