Brent on Wednesday to Trade $47-48.5 Before Fed Data is Published

Anna Bodrova

Senior Alpari analyst

Oil prices this morning are suffering a little, but Brent seems to be holding well around $48, allowing us to talk about bull dominance. Yesterday saw data from the API out. It indicated a decline in US oil reserves by 3.1 million barrels against a forecasted 0.2 million fall. The same report from the EIA is out later today and a consensus in the forecasts doesn’t propose that there’ll be much change in comparison with the figures of last week. It’s unlikely that there’ll be any reaction to the statistics; as the Fed Reserve convenes to make its decision, market participants are exercising caution. Brent on Wednesday is going to be stuck in a $47-48.5 corridor, but only until news from the Fed comes out. WTI is looking to trade $43-46 per barrel.

Latest reviews

Commodities

Oil: Friday’s drop already forgotten

11 March, 11:50

Tomasz Wiśniewski

WTI oil – only one support left

11 February, 14:43

Tomasz Wiśniewski

Oil continues its beautiful downswing

5 November, 18:04

Tomasz Wiśniewski

Gold with a bearish breakout

1 October, 12:46

Tomasz Wiśniewski

Everyone has the chance to make a profit

You don't need to trade on your own to make a profit. Make a profit by entrusting your funds to experienced traders!

Register