Oil is trying to break above the$ 70 per barrel waiting for production cuts

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$68 for a barrel of Brent remained behind in the beginning of this week, so on the agenda now stands the more serious matter of the campaign prices above $70 per barrel. The oil market has almost everything, for that would take such a hike today, 5 March.
The only limiting factor whose influence disappears, it’s grown to 7.2 million barrels of crude oil inventories in the United States, published on Wednesday, March 3, the us Department of energy. But the farther behind, leaving these data, the more bidders you remember about the General euphoria, which is now present in the financial markets, and bolder is tested for strength the mark of $70 per barrel Brent.
Today, March 5, markets can get an extra dose of optimism. First, it is associated with the completion of the ninth round of trade negotiations between the US and China. And as they say in the media, us President, maybe even today, to call the date of signing of the final agreement. And also in the evening, we are probably waiting for a batch of statistics on the reduction of the number of drilling rigs in the United States from Baker Hughes. Those are all positive factors for Friday should provide support to oil quotations in the region of $68,50-69,00 and push them to increase to $70 per barrel and Brent above.
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Anton Bykov,
Chief analyst, LLC “CAFT” (Center Analytics and financial technology)