Brent oil growth prospects are very high

Current dynamics

Brent oil quotes are in an uptrend, trading at the moment at around 59.40. The oil is supported by the reduction of reserves at the disposal of American firms.

At the last meeting of the OPEC + ministerial monitoring committee, no new decisions were made. Instead, the participating countries agreed to keep the existing terms of the agreement for another month, until the next meeting. During the meeting, representatives of the Russian Federation raised the issue of a possible increase in production volumes, since the current reduction takes more than 1% of the country’s GDP per year, but so far a refusal has been received on this issue.

In addition, EIA data on crude oil inventories was a positive moment for the energy market, reflecting a decrease of 0.994 million barrels against the background of a forecast increase of 0.446 million. Today at 20.00 (GMT + 2) market participants are awaiting the report of oil services company Baker Hughes. So, last week there was an increase in the operating oil rigs in the United States by 6 units, up to 295 units.

Support and resistance levels

On the local chart, the Brent oil price is updating local highs, and the prospects for continued growth are high. Technical indicators are in the state of a global buy signal. The swing range of the EMA of the Alligator indicator is expanding, and the histogram of the AO oscillator is trading in the positive zone.

Support levels: 58.60, 57.30

Resistance levels: 59.60, 62.00

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