Recently, Brent crude oil dropped more on emotion than on objective factors as a slowdown of the Chinese economy has, in fact, long ago incorporated into prices. Also, do not forget that according to the latest commercial stocks in the United States declined. Today will be published data from Baker Hughes on the number of operating drilling rigs. It is possible that a new round of decline in oil prices will force oil producers to resume the decline in drilling. Against this background, oil could experience the optimism.
Attempts to develop the oil upward correction were kept level 50.44, which at this stage formed intermediate resistance. Provided that this level will be passed, and the presence of additional catalysts can accelerate growth. But as long as prices are unlikely to be able to pass a strong resistance around 52.00 dollars per barrel.
|Brent crude oil chart|
Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes and does not guarantee a result.