Brent crude oil price North Sea are in an uptrend as market participants continue to lay in quotes increased the likelihood that oil shale mining in the United States may begin to decline rapidly in the second half of the year. In the US, according to the Energy Information Agency on the mining fields in North Dakota has decreased by 15 thousand barrels per day in the month of February, despite the fact that the number of wells under development, are at historic highs. Bakken field in North Dakota and the Eagle Ford in Texas, is the main site of production of shale oil. It becomes apparent that the decline in drilling by 46% compared with the previous year, which recorded oilfield campaign Baker Hughes, may affect the production volumes are much stronger than previously thought.
The data published today by the dynamics of commercial reserves in underground storage United States were slightly below expectations. According to the results of the previous week they grew by 1.3 million barrels to 483.7 million. The median forecast was 3.5 million. Brent entrenched in the region above $ 60 a barrel next target of his movements will become annual maximums that are at the level of 63.00.
|Brent crude chart|
Support and resistance levels
Support 1 60,72
Support 2 58,59
Current price: 61,11
Resistance 1 63,00
Resistance 2 65,00
Crude oil Brent – buy crude oil – Buy with the aim of 63.00. Stop-Loss = 59,50
Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes only and do not guarantee the results obtained.