Brent is trading at the highest level since March after breaking above local consolidation range. Resistance at $46.50 is being tested currently. Strong decline in oil and gasoline stocks signalled by API is the main short-term factor fuelling price gains on the oil market. Apart from that, approaching hurricane Laura caused production facilities and refineries in the Gulf area to halt operations. However, the impact of the hurricane should be temporary and will be visible in next week's data.
Brent (OIL) breaks above local consolidation range and trades above $46 per barrel. Source: xStaiton5
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