Oil prices slightly grew

24 February, 2017

Oil prices slightly grew as investors became more optimistic after the OPEC's production cuts according to the meeting in Doka. The prices grew despite the U.S. Crude Oil Inventories withdrawal.

Current situation

Brent oil prices extended their recovery in the Asian session on Thursday. Buyers led the price higher and broke 56.50 dollars per barrel in the early European morning. European buyers failed to maintain an upward momentum and stepped back. The price returned to 56.50 and stayed there until the NY open. After breaking the 50 and 100 EMAs the price remained above the moving averages in the 4 hours chart. All the moving averages were flat. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

MACD slightly grew while RSI moved within neutral readings.

Trading recommendations

Brent needs to fixate above 56.50 dollars per barrel to extend its bullishness. The 57.50 hurdle is the next buyers' target. A failure to hold above 56.50 risks a slide to the 56.00 - 55.50 region. 


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