The price of oil continues to struggle around 62$
Oil prices Brent continue to react to the recent drawdown under the mark 62, after waiting there for correction, which were several, including the General positive background among risky assets. Now quotes “courting” level 65, before showing much more modest gains than the day before.
In favor of resuming purchases of oil played a number of factors, including technical. Players reluctant to push the asset under the mark 62, the testing of which has attracted buyers. A pretext for the return of the demand initially was less terrifying report of the energy as expected. Then came the resumption of sales of the dollar across the spectrum market, the current bearish correction is well supported by the rise in black gold. Stabilization in the stock markets and in the segment of risk-weighted assets also contributed to the revival of the bulls on oil prices.
One of the main catalysts for the rise in prices were numerous verbal intervention of the OPEC countries, which probably considered the recent two-month lows of threat and rushed to help. Especially impressed investors with assurances of the Minister of oil of Saudi Arabia to cut production and exports of energy products in March.
Today there are preconditions for the development of the upward momentum in commodities, even if due to external factors – the fall of the dollar across the spectrum of market growth and stock markets. If the price recovery will support someone from OPEC, we can see a breakout of the level 65.
To prevent such a scenario can profit-taking, characteristic for completion of the trading week, the potential deterioration of disorganization in the ranks of global investors, as well as evening data of Baker Hughes, which can indicate a regular increase in the number of active drilling rigs in the United States and to return to the stage of concerns about activity of kancevica.
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