Oil has updated five-month peaks
Just recently, on Wednesday, oil prices continued to develop the upward movement that started yesterday. After our opening, the quotes accelerated growth, updating the five-month tops. In the second half of the session, oil moved to correction and consolidation. At closing, Brent was adding 3.4% slightly below the $46 level.
The data from the US Department of energy was moderately positive, as the decline in oil reserves, although exceeding the forecast, was less than in the overnight API report. In addition, the total increase in oil product inventories was significantly higher than expected. However, production resumed its decline at a minimal pace. Oil reacted to the statistics with a small increase, but then accelerated the downward correction
Oil has updated five-month peaks
Just recently, on Wednesday, oil prices continued to develop the upward movement that started yesterday. After our opening, the quotes accelerated growth, updating the five-month tops. In the second half of the session, oil moved to correction and consolidation. At closing, Brent was adding 3.4% slightly below the $46 level.
The data from the US Department of energy was moderately positive, as the decline in oil reserves, although exceeding the forecast, was less than in the overnight API report. In addition, the total increase in oil product inventories was significantly higher than expected. However, production resumed its decline at a minimal pace. Oil reacted to the statistics with a small increase, but then accelerated the downward correction