Brent heads toward a more significant slide

TVC:UKOIL   CFDs on Brent Crude Oil
Brent crude futures failed to shake off the yesterday’s weakness and look set to suffer another disappointing day on Tuesday, with prices slipped below the $65 mark again. The market lacks momentum to preserve gains and seems to attract more bears in the short term.
The recent move lower is on the back of a widespread dollar appreciation amid increasing Treasury yields. A lack of risk appetite doesn’t bode well for Brent as well. These are the local bearish drivers for the asset, while the broader picture shows the market participants continue to fear the soaring U.S. production which is threatening to offset OPEC members’ efforts. This is the reason why crude prices have mostly ignored OPEC Secretary-General Mohammad Barkindo’s statement that the cartel’s compliance with the provisions of the agreement reached 133% in January.
In the short term, Brent will likely to continue to follow the greenback’s dynamics. Tomorrow, the market will focus on API data. Should the report show an increase in crude oil and gasoline stockpiles, prices will head toward a more significant slide and may threaten the $64 level with the next target at $63.20. This scenario could be exacerbated by a continued USD demand.
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