flag-gb flag-my flag-zh flag-id flag-th flag-vi

Oil prices continue to break local highs

The oil prices were in the green zone at the end of Wednesday trading session due to the publication of US data on oil reserves which confirmed the forecasts. According to the weekly report of the Ministry of Energy, the level of oil reserves decreased by 1.1 million barrels, while experts expected a decrease of 1.3 million barrels. The positive reaction of the market is due to the fact that earlier API released data on reserves growth by 4.7 million barrels. Therefore, the market expected the Ministry of Energy to publish a weaker report.


The interim foreign trade agreement between the United States and China continues to have a positive effect on the market. This agreement has improved global economic prospects and given hope for an increase in energy demand in 2020.


Locally, the market is dominated by a positive fundamental background.The chart is also dominated by bearish signals. The prices fixed above the level of 60.00 and could continue upward movement. Therefore, the next goal is the level of 62.05.


  • Resistance levels: 62.05 64.00, 65.00;


  • Support levels: 60.500, 60.00, 59.10.


The main scenario - an increase towards 62.05 from the current levels.


An alternative scenario - a breakdown of support at the level of 60.50 and a retest of 60.00.


The fundamental outlook is moderately positive. Bullish signals prevail locally on the chart. We consider longs from the levels of 60.50 and 60.00.

Latest news

Chinese New Year

2020-02-03 07:08:28

Dear traders and partners, FortFS is happy to congratulate all Traders on the Year of the Metal Rat and to launch the annual Chinese New Year promotion! From February 03 to March 03 you will be able to receive a cashback of 10% for every deposit from 100 USD. Deposit minimum 100 USD or more, […]

Welcome Bonus 100 USD

2020-01-28 09:58:32

Dear Traders, Make sure to receive $100 on your trading accounts only from the 27th to the 31st of January! Welcome Bonus 100 USD is the best way to start trading and test all of the Company’s products! The bonus features: Withdrawal of up to 100 USD 75 lots of trading turnover A two-week testing […]