Brent crude on Wednesday kept the momentum and reducing re-test resistance at $ 60 per barrel. However, to gain a foothold above the buyers did not succeed. Support prices have data on changes in stocks of oil and oil products that have come out on Wednesday. According to a report from the Energy Information Administration US crude stocks in the week of August 18-24 decreased by 10 million. Barrels.
Reduction of oil reserves was accompanied by a significant drop in distillate stocks and gasoline. At the same time, the rise in oil prices was limited by other parts of the report. As it became known, the US production for the period increased by 200 thousand. Barrels per day, reaching a new record high of 12.5 million. Barrels per day. According to forecasts, oil production growth rates in the US were to remain within the limits of 12.3 million. Barrels per day. A similar increase was a complete surprise for traders, especially in the face of continuing for many months in a row reducing the number of active drilling in the United States.
After the release of data on stocks, market participants' attention once again shifted to the prospects for global economic growth. Against the backdrop of increased trade conflict between the United States and China, the risk of a global recession is becoming more real. Obviously, in the face of slowing global economic growth in the supply of oil could be another trigger for the resumption of the previous rally "the bear".
Brent SellStop 59,40 TP 55,10 SL 60,00
Analytical reviews and comments reflect the personal opinion of the authors and are not a recommendation to trade. Author Artem Deev trader analyst AMarkets. Traders community is not responsible for any losses in the case of the review of materials
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