The API data on US stocks released late Tuesday night supported the oil market. WTI quotes are at $ 42, near the highs set yesterday.
According to the report for the week, oil reserves in the United States fell by more than 8 million barrels. Experts expected a more modest cut of 3.3 million barrels. The data indicate that the difficult epidemiological situation in the United States has not had a very strong impact on the level of demand for energy. Investors are expecting the release of the weekly EIA report today. Experts predict a decrease in the level of reserves by 3 million barrels. API data indicate that real numbers may be more positive, so the market may continue to move up.
News from the Middle East continues to have a positive impact on oil quotes. Yesterday in Beirut there was a strong explosion. Investors fear the growth of instability in the Middle East. The region remains the largest supplier of oil to world markets. The authorities stated today that the explosion was not related to a terrorist attack. Lebanese Prime Minister Hassan Diyab stated that the explosion was caused by improper storage of 2,750 tons of ammonium nitrate in the city's port. The explosion killed more than 70 people, and injured about 3.7 thousand people.
Regarding the chart, it is worth noting a strong intraday support area formed around the 41.60 mark. From this level, the price resumed its upward movement, within which the local maximums can be expected to update.
The main scenario is a correction to 41.60 and an increase in quotations with a breakdown of the level of 42.30.
Alternative scenario - growth above 42.30 from current levels.
The current fundamental outlook is moderately positive. We consider longs from the level of 41.60.
We are launching the long-awaited rewards program for all subscribers of our social networks – share posts with your friends and get money on your FortFS account as a reward! 🥇 The participants will get the following benefits: • Real money for reposts • The reward is available for withdrawal without restrictions • You can […]
Dear Traders, Make sure to receive $100 on your trading accounts only from the 20th to the 28th of August! No Deposit Bonus 100 USD is the best way to start trading and test all of the Company’s products! GET BONUS The bonus features: Withdrawal of up to 100 USD 75 lots of trading turnover […]