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

Oil prices rise after the publication of API data on reserves

Prices for WTI and Brent crude today rose by more than 1% after the publication of API data on the reduction of oil reserves.


According to the American Petroleum Institute for the week, oil reserves fell by 5.8 million barrels to 484.5 million barrels. The indicator has been declining for the third week in a row.


EIA's weekly stock data will be released later today. A decrease of 2.27 million barrels is expected. The API report shows that the actual decline in inventory may be more significant.


Additional support for the market is provided by reports that Saudi Arabia has begun to reduce the volume of supplies of raw materials to refineries in Asia and Europe. The decline in supplies is taking place within the framework of the agreements that were reached at the OPEC meeting earlier this month. Saudi Arabia agreed to cut supplies by 1 million barrels in February and March. According to information sources, the volume of supplies to refineries in Asia will decrease by about 20-30%. The decline in supplies comes amid an overall decline in demand for crude oil in Asia due to the peak refinery maintenance season from March to April.


On the chart, the price almost reached the previously mentioned target at 54.00. This is a strong resistance level from which we can see the formation of a fairly strong pullback movement.


  • Resistance levels: 54.00, 55.00, 57.00.


  • Support levels: 52.70, 51.30, 50.00.


The main scenario is an increase above 54.00 and a downward reversal.


An alternative scenario is a rollback from current levels to 52.70 and renewed upward movement.


The current fundamental background is moderately positive. We consider longs after a price rollback in the range of 52.70-52.90.

Latest news


2020-12-04 08:57:41

Only from November 02nd, 2020, to January 04th, 2021, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of […]

No Deposit Bonus 100 USD – available for 3 days only!

2020-11-23 08:44:40

Only from 23 to 25 of November, the largest no deposit bonus 100 USD is available for all Forex traders! πŸ† Bonus details: 100 USD maximum withdrawal 75 lots of required trading turnover 2 weeks to try all of the trading conditions Available for cent accounts πŸ“ How to get the bonus: 1) Register an […]