❗ Brent tries to halt declines near $67 mark
Brent (OIL) launched this week above $70 handle, the highest level early-January 2020, amid tensions in the Middle East. Gains started to be erased and price dropped over 5% off the local high during the past two days. API data showed an unexpected, massive build in oil inventories yesterday with stockpiles increasing by 12.8 million barrels (exp. -0.8 mb). Today's DOE report at 3:30 pm GMT will be closely watched for confirmation.
In meanthine, OIL has found support in the area slightly below $67.00 today and bounced higher. The area is marked with the 50% retracement of recent upward impulse, lower limit of the Overbalance structure and previous price reactions. However, the recovery move looks to be losing steam. A break below the aforementioned support may signal a short-term trend bearish reversal.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
Brent (OIL). H1 interval. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
