OIL
Brent oil prices edged down early on Wednesday as, for the second day in a row, supply-side developments tempered upward momentum for the barrel's price. The release of data indicating a notable rise in US crude stockpiles alleviated some of the pressure that had driven prices to their highest level since October last week. Concurrently, traders are increasingly sceptical that OPEC+ nations will introduce substantial output adjustments at their upcoming meeting. Given this context, it wouldn't be surprising if the barrel's price continued to trade within a relatively narrow range, encountering significant resistance around $88, with downside risks limited by geopolitical uncertainties and expectations of economic activity expansion in the second half of the year.
Ricardo Evangelista – Senior Analyst, ActivTrades
Source: ActivTrader
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and as such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades (“AT”). The information does not contain a record of AT’s prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not a reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acting on the information provided does so at their own risk.