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Oil price stopped near $ 55 per barrel Brent

On Friday, oil corrected markedly, continuing to retreat from almost one-year highs. Brent, which faced local resistance around $ 56.50 a barrel, slipped below $ 55 and pushed more than weekly lows to $ 54.50 in Monday trading. demand is again hindering further growth in oil, which took a break after the recent rally, including against the backdrop of a strengthening dollar. In addition, Friday’s Baker Hughes data showed that the number of operating rigs in the US, which has been growing for eight weeks in a row, increased by another 12 units last week to 287 rigs. At the same time, the potential for further decline so far looks limited, as well as the prospects for a more active rise in the dollar in the short term. Restricting pressure on black gold is fresh statistics from China, where GDP growth and industrial production data were better than expected, confirming the recovery of the world’s second largest economy. In the near future, Brent may continue to retreat in the direction of the 20-day moving average, which act as a support. Today, this moving average, which has been serving as a support since early November 202, runs at $ 53.18 .____________________ Arseniy Dadashev, Director, Academy of Finance and Investment Management

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