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Brent on Thursday Won’t Pass $49.9 per Barrel

Wednesday finished up for oil quotes. By London’s close, Brent on November contracts was going for $48.48 per barrel and WTI with November delivery was selling for $45.32 by the end of New York’s trading session.Thursday has seen quotes continuing to rise, with Brent (November contracts) trading around $49 and WTI (November delivery) on offer for $45.8.

Oil price growth is linked to a fall in US extraction last week. It has fallen by 0.43% or 40,000 barrels to 9.096 million. Investor mood hasn’t been spoiled by oil reserve data which showed an increase of 3.95 million barrels for last week.

It’s likely that quotes will continue to rise today, but this will nevertheless be limited by technical levels. Brent’s limit will be $49.9 and WTI’s will be $47.7.

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Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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