18, August 2016

Brent (a 4-hour chart)

General overview

Yesterday oil quotes came close to the resistance level of 49 dollars per barrel. After 4 days of growth, the market looks overbought and correction seems possible. US dollar gains will put pressure on the oil market as well. Published today, the data from US Information Energy Agency shows that last week, crude oil inventories have fallen by -2.508 million barrels, while analysts expected an increase of 0.522 million barrels.
Trading recommendations

The publication of the last Fed meeting protocols can also exert a strong influence on the oil market. However at the American session markets keeps on gaining trying to settle above $49.