Yesterday, trading in the energy market were in the negative dynamics. In the morning the market pressured news from China, where the Bank continues to take steps towards tightening monetary policy. Against this backdrop, Chinese market has shown decline, which had a negative impact on the actions of the oil players. Later in the afternoon data from the U.S., also supported oil “bears”. An additional negative factor was the strong strengthening of the dollar in international currency markets. As a result, crude oil futures for Brent, demonstrated the entire day decline, the end of the bidding had reached 75.8 dollars per barrel, where he finished the session.
Today, the morning session we observed recovery quotes, data on the background of the American Petroleum Institute (API), which showed a strong decline in crude oil and distillates. This has allowed futures on Brent crude wager level of $ 76, but to continue the upward movement “bulls” have not enough strength. As a result of 11.40 contract traded at 76.3 dollars per barrel.
Today energy market will be waiting for both macroeconomic data and data on stocks of petroleum and petroleum products from the U.S. Department of Energy. Ifd67the data confirm the report API, it is likely that we will see continued upward movement.
From a technical point of view, futures on Brent crude finally entrenched in the corridor between the levels 75 - $ 80. No attempt to “Bear” press through its lower boundary and start a downward momentum, launched late last year, neither the January attempt to “bull” to continue the growth have been unsuccessful. To exit from the current broad market consolidation will need a very serious reason, and while we can expect that the contract will continue to move in this corridor.
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