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The oil course is not determined in any way with the movement vector

Oil rose slightly on the basis of intraday fluctuations in trading on Wednesday. Brent failed to close above $ 63 per barrel, and this morning the quotes are declining again, having already lost the points they gained the day before and threatening intermediate support at $ 62.50. The situation in the commodity segment remains unstable. Futures almost daily change the vector of movement, depending on the prevailing factors at one time or another. At the same time, yesterday’s symbolic growth became possible mainly due to statistics from the United States. The Ministry of Energy reported a drop in crude oil inventories by 3.5 million barrels, which is higher than the forecast for a decline of 1.4 million and an API estimate of 2.6 million. Moreover, production fell by 200 thousand barrels per day, to 10, 9 million barrels per day. However, the report had only a short-term and local impact on the black gold market, which continues to doubt the prospects for a recovery in demand amid the ongoing pandemic in several countries. Also outweighing fears of an increase in supply from Iran if the US sanctions are lifted. It seems that in the coming days volatility in the commodity segment will remain, and Brent will continue to rush from side to side until a new significant driver looms on the horizon, which will set prices clear motion vector. The closest key obstacle for buyers is still the 20-day moving average, which today passes around $ 64.35 .__________________ Arseniy Dadashev, Director, Academy of Financial and Investment Management

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