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Main » 2016 » May » 5 » Oil is forecast for today 05.05.2016: Brent will remain in the price range of $ 44,17-46,30
Oil is forecast for today 05.05.2016: Brent will remain in the price range of $ 44,17-46,30



On Wednesday, trading in futures on Brent ended at $ 44.91 compared with $ 45.22 at the time of opening. After a three-day decline in prices from a high of $ 48.29 to $ 44.60 quotes rebounded to $ 45.99 as part of the corrective movement. Oil has risen against the backdrop of a weak ADP index and the general weakening of the US dollar.



 ADP index was significantly below expectations. Instead, the forecast of 195 thousand. Jobs in the United States 156 thousand has been created in the private sector.

In the US session crude oil fell to $ 44.17 after the release of new statistics in the United States serving. US crude stocks for the week ended April 29 rose by 2.8 million barrels to 543.4 million barrels, against the forecast of 1.7 million. Production of black gold in the United States decreased by 113 thousand., To 8.825 million barrels per day.

Despite a slight increase in inventories due to the reduction of oil production, the data came out positive.Participants of the meeting in Vienna, OPEC also noted improvements in the supply and demand for the black gold. Bloomberg reported that the June meeting in Vienna major oil producers will not consider limiting the production volume at the level of January 2016.

After the release of the report on oil stocks have supported the dollar ISM index and US factory orders. After the update session low barrel of Brent has risen in price to $ 44.99. In Asia, the quotations rose to $ 45.25 (+ 1.15%). An increase in prices was recorded false break of the trend line, which starts from a minimum of 5 April 2016 $ 37.27. Oil found support around $ 44, which was formed from the April lows.

On Friday at 15:30 MSK will report important (Non-Farm Payrolls) for the US dollar. It can be assumed that until Friday Brent will trade in a price range 44,17- 46,30.


A source

Analytics ALPARI



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