After OPEC meeting in Saint Petersburg the hopes for meeting balance of supply and demand have grown significantly. Saudi Arabia is planning to reduce oil export in August. Nigeria may join the agreement on oil production cut.
The US data also supports the further Brent rise, as API Weekly Crude Oil Stock fell 10.230 M, and EIA Crude Oil Stocks change reduced by 7.208 M barrels, significantly beating the expectations and confirming the rising demand on gas during the driving season.
The nearest week may bring another confirmation of the evolving trend.
If scheduled for tonight release of Baker Hughes data shows another slide of oil rigs count, it may speed up the Brent rise.
The nearest target for Brent is at 52.60 followed by 55.00.
The US data also supports the further Brent rise, as API Weekly Crude Oil Stock fell 10.230 M, and EIA Crude Oil Stocks change reduced by 7.208 M barrels, significantly beating the expectations and confirming the rising demand on gas during the driving season.
The nearest week may bring another confirmation of the evolving trend.
If scheduled for tonight release of Baker Hughes data shows another slide of oil rigs count, it may speed up the Brent rise.
The nearest target for Brent is at 52.60 followed by 55.00.