Brent retreats from fresh tops

OANDA:BCOUSD   Brent Crude Oil
After reaching fresh five-month highs around the $70 psychological mark, Brent retreated slightly yesterday, with the bearish pressure is intensifying on Thursday as the prices are flirting with $69 after data showed a larger-than-expected jump in U.S. crude inventories.

According to the EIA report, inventories rose 7.2 million barrels to 449.5 million barrels in the week ended March 29, while production increased to 12.2 million barrels per day, which is a new record high. In general, market reaction to the report was rather muted but anyway played against the bulls along with technical factors as the psychological level has deterred buyers. 

In a wider picture, the market is still supported by OPEC efforts, US sanctions against Iran (and potentially tighter sanctions) and Venezuela, and expectations of a steady demand in the coming months. A break below $69, should the current bearish correction will continue, will open the way towards the $68.80 intermediate support.
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out