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Oil price resumed growth with a target of $ 77 per barrel

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In trading on Tuesday, oil was able to bounce off the rising 20-day moving average and rose to $ 76.50 per barrel. Today Brent remains at the upper border of the range, trying to determine the further direction of the movement. Prices returned to growth after the drawdown, which means that futures attract buyers during the falls, which is a favorable signal. On the eve of the IEA presented its monthly report, in which, in general, it retained a rather optimistic view of the market, its state and prospects. Experts have left their forecast for demand growth unchanged this year, but at the same time expressed concerns about the uncertainty around OPEC +. Meanwhile, the API released its weekly estimate of crude oil reserves, which continued to fall last week, declining by 4.1 million barrels. while gasoline inventories fell by 1.5 million. Further today, the US Department of Energy will provide official statistics. If the report turns out to be predominantly bullish, Brent may move highs and again swing to the level of 77 dollars. If negative drivers appear, profit taking will return quotes below $ 75 .______________ Arseniy Dadashev, Director, Academy of Finance and Investment Management

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