On Wednesday, oil prices continue to rise. London Brent (August contract) traded at $ 51.6 per barrel for WTI with delivery in July, offering $ 50.5 per barrel.
The main driver of growth is the macro and the dynamics of the US dollar. On Tuesday, the American Petroleum Institute published data on the commodity reserves of oil in the United States, according to which at the end of last week, stocks fell by 3.56 million barrels. Similar statistics today publish the Energy Information Agency. If the decline is confirmed, it will increase the growth of quotations.
The US dollar continues to weaken, which provides additional support for all assets that are denominated in US dollars, including oil. During the day, oil prices continue to rise. The nearest resistance level is at around $ 53 per barrel is likely to mark this market is waiting for a correction.
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