Oil price was supported after the recent fall from OPEC’s decision+
On Tuesday commodity traders found several reasons for purchases of oil, sending Brent quotes to the highs of mid-June. In the morning in Asia, the asset touched the 76,60 level, which acted as a local resistance.
Pretty valid excuse to rise in price of black gold was the position of America, which demanded of the allies to reduce oil imports from Iran to zero until November, when they will come into force the sanctions that trump resumed last month.
The catalyst for the rise was the data API, reflecting the reduction of crude oil reserves from by 9.22 million barrels, which was a record value since September of 2016. Stocks of gasoline and distillates rose, but the framework of assumptions. Now the players have some overpriced bar of expectations ahead of the official report from the Ministry of energy if the numbers are worse among the players may desire to lock in profits.
From a technical point of view quotations now need to hold above the 76 level to continue the path to the North, where after the breakdown region 76,60 barrel will be aimed at 77. However, without a fresh driver Brent will be difficult to attract further purchases because of the uncertainty of increase in OPEC production – the players continued to assess the potential impact of changes to the terms of the transaction to the balance of supply and demand in the world.
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