Oil shrugs off higher U.S. crude stocks, strong dollar
30 Sep 2021
Brent Oil was trading 0.69% down at $77.56.
Oil prices held steady on Thursday after rising above $80 a barrel this week, shrugging off bearish factors such as rising U.S. crude oil inventories and a strong dollar amid consensus that a supply deficit will stay for coming months.
Brent Crude for November delivery was up 21 cents at $78.85 a barrel by 0856 GMT on its expiry day while December loading crude was at $78.35. U.S. oil rose 32 cents to $75.15 a barrel.
U.S. oil and fuel stockpiles increased 4.6 million barrels in the week to Sept. 24 to 418.5 million, the U.S. Energy Department’s Energy Information Administration (EIA) said on Wednesday. [EIA/S]
In another typically bearish development, the U.S. dollar held near one-year highs, making oil more expensive for holders of other currencies.
But expectations of a continued supply deficit supported prices. Citigroup is forecasting oil balances to be in a 1.5 million-barrel-per-day deficit on average over the next six months, even with continued supply increases
Brent Oil , RSI Stood at 60.180, the current price is trading Above the Moving Averages 20 & 50 . So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL-Brent Oil– Buy: 77.50, TARGET:-83.50, STOP LOSS:- 74.50.