Brent crude oil rallied to fresh 4-year highs above $ 86

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On Wednesday, Brent crude rallied to fresh 4-year highs, breaking below level 86 and then tapping the area 86,70. To closing of trading day the barrel partially fell back, but continues to cling to a level of 86, showing commitment to further growth.
The report, energy was the most negative, reflecting the growth of stocks of crude oil by 8 million barrels, which is four times higher than forecast and was the biggest weekly gain since March last year. Stocks at Cushing rose by 1.7 million barrels. Production remained unchanged at the level of 11.1 million barrels per day.
However, the market practically ignored the release, continuing the climb, thus giving to understand that he is now more interesting, and now to the entry into force of us sanctions against Iran, which was exactly a month, to shoot down quotes from the path can only be something more meaningful.
Not reacted raw segment on media reports that even before the recent meeting in Algeria, Russia and Saudi Arabia in the framework of bilateral agreements have agreed to increase production to cool the market.
In the short term Brent, you need to confirm the break of the level 86, that we can see after several attempts, as in the case with the previous psychological barrier. In General, however, one thing is clear – the bulls definitely are determined and ready to continue moving to the level 90, despite the “distracting” signals.
Michael Mashchenko,
Analyst social network for investors
eToro in Russia and the CIS