Oil prices are recovering, but investors cautious
Before the price of oil continued its recovery, although the pace of development of correction are much more modest than the recent sales. Buyers were very cautious, fearing further price fall. On Friday morning Brent is moving further North, storming a mark of 67.
It is noteworthy that the market ignored the report from the United States, this time official. According to the energy Ministry, last week crude oil inventories increased by 10.27 million barrels against the forecast of growth by 3.2 million It is the eighth consecutive week of rising inventories and a maximum in February 2017, the rate of their increase. The house production grew by 100 thousand barrels per day, putting a new record 11.7 million barrels per day.
Brent continued gradual recovery, despite the openly bearish report, confirming that market participants are now more worried about what will OPEC, and in anticipation of a new verbal intervention on the part of the exporters the prices carefully drawn in a northerly direction.
From a technical point of view, Brent, you need to confirm the break of the level 67 and to gain a foothold above him, so as not to lose the beginnings of enthusiasm. In case of resumption of sales quotes will count on the support. But the probability of updating the lows now fell as the market began to hope for action by the OPEC+.
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