The price of oil: the level of$ 74 per barrel remains elusive

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Brent rose slightly in price at auction on Thursday, however, the overall dynamics of quotations remains uncertain. Price point tried to test the level 74, but the sellers immediately provoked a rollback. In the morning the barrel konsolidiruyutsya in the flat, settling in the area of 73,60.
The court on the dynamics of oil market participants refrain from making important trading decisions, having started a short-term game in the range. This strategy talks about the uncertainty of players in the potential future appreciation of the asset, but at the same time, and the reluctance to get rid of the futures in larger volumes.
Dollar a factor in recent days began to have less tangible impact on Brent. Closer to may 12, when trump needs to make a decision on Iran, market participants are increasingly speculating on the subject of sanctions and the reduction of exports from Iran. This continues to provide market support.
From a technical point of view, the quotations continue to receive support in the form of a 20-day moving average, which now runs in the area 72,85. So as not to lose the upside momentum, prices should continue to hold above this level.
On the other hand, the more unsuccessful attempts of growth we will see, the higher will be the risk of a correction in the Wake of a partial exit from long positions, as some players may consider the growth potential is exhausted at this stage.
Michael Mashchenko,
Analyst social network for investors
eToro in Russia and the CIS