• Forex
  • Investments
  • Loyalty program
  • Promotions and contests
  • Analysis
  • Getting started
  • About us

Brent Crude Could Grow to $69.7 per Barrel Today

Oil quotes this morning have been correcting themselves after a growth yesterday evening. Brent Crude at 10:15 EET was trading at $67.23 and WTI with June delivery was at $61.20 a barrel. At Tuesday’s close, the cost of North Sea oil on June contracts was $67.24 a barrel and light crude with June delivery at the close of the New York session stood at $61.21 per barrel.

Last night’s growth in prices is connected to a statistic on oil reserves. According to data from the American institute of oil, at the close of last week reserves had decreased by 2 million barrels. Thus, reserves are continuing to gradually reduce for the second week in a row.

Brent Crude to Trade $64.5-66.5 per Barrel throughout Tuesday

The US Energy Information Administration (EIA) will release similar information this evening. If the data does in fact turn out to be exactly the same, then the growth on oil quotes will renew this evening. However, whether it will break the $70 per barrel limit because of these statistics is open for discussion. In our opinion, the bulls don’t have enough fundamental news to do this.

The Iranian central bank has announced that it has received funds from the third part of the country’s financial assets in foreign banks that were unfrozen. As part of an interim agreement from 24th November, 2013, in exchange for a number of restrictions in Iran’s nuclear program, the country has received transfers of funds from their frozen accounts abroad. The first two phases included the unfreezing of $7 billion. As part of the third stage, several equal-sized amounts totaling $4.9 billion have been received by Iran. This news has had an insignificantly negative impact on commodities quotes.

Over the course of the day, the price of Brent could reach $69.70 and WTI will try to pass $62.40 a barrel.

Latest reviews

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

There's a better website for you

A new exciting website with services that better suit your location has recently launched!

Sign up here to collect your 30% Welcome Bonus.