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.
Brent (OIL). H1 interval. Source: xStation5
Morning wrap (05.03.2026)
Daily Summary – Indices rebound as oil markets await further developments
Iran: Situation overview and outlook
BREAKING: Another strong increase of oil inventories. Oil WTI close to 74