The price of oil exceeded $ 83 for the first time in four years
Last Friday quotations of oil of mark Brent has risen in price almost on 2%, having exceeded a mark 83 for the first time in four years. Monday the price held above that level, keeping the bullish bias. The next goal now is the area of a 83.50, which blocks the way to the point 84.
Buyers move into the first waiting queue to reduce supplies from Iran, which, according to many estimates, will be about 1 million barrels per day after the entry into force of us sanctions. Market participants are concerned that existing manufacturers of spare capacity is not enough to compensate for the decline in offers from Tehran. Especially because there are always risk factors such as the supply disruptions.
Fears about shortages on the world market is growing as we approach the date of entry into force of the second set of constraints relating to the energy sector of the middle East countries.
Local catalyst for Brent on Friday was made by Baker Hughes data, which reflected a fall in the number of drilling three points last week.
In these circumstances, the oil market mostly ignores the dynamics of the dollar, which moved to the active strengthening in the second half of the week and continues to grow at the beginning of the new trading five-day week.
While Brent is demonstrating more and more obvious signals overbought, and it is possible that further growth will come local to lock in your profits at attractive levels, which will be quite appropriate after an aggressive climb.
Analyst social network for investors
eToro in Russia and the CIS