Brent eyes $70 ahead of API data

TVC:UKOIL   CFDs on Brent Crude Oil
After the initial jump on Monday morning, crude oil prices lost their steam and retreated on a daily basis. Today, Brent is attempting to regain the bullish momentum but the impetus looks limited as the market eyes fresh weekly API data. Brent is treading water around $69.70, +0.36 per cent on the day.
The overall tone in the market looks bullish and the asset feels the additional support from the improved risk sentiment as the trade war fears continue to recede. The bulls also hope for possible tighter sanctions on Iran. However, we wouldn’t assess this factor as positive for the longer-term prospects as Tehran may simply diversify its exports and find other buyers for its oil .
Brent remains below the $70 threshold ahead of weekly API report. Should the numbers reflect just a modest increase in inventories, the current upside bias won’t be hurt much. Some market participants expect to see a drawdown of stockpiles. In this case, the barrel will likely attack the $70 level again, though the market will be traditionally more focused on the official EIA data due Wednesday.
In the longer term, the market mood will continue to depend on US data as well as on further signals from OPEC.
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 House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out