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Throughout the Day Brent Could Rise to $62.7

Towards midday on Thursday oil quotes were rising after a sharp fall on Wednesday. Brent oil at 11:30 EET was trading at the $62.99 mark per barrel (+0.8%). The price of WTI with August delivery is $57.65 (+0.5%). By yesterday’s close, North Sea oil, according to data from market opening, was trading at $62.47 per barrel, whilst light crude was going for $57.37 a barrel.

Wednesday gave us updated information from the EIA on oil reserves for the week. According to the report, reserves which don’t take into account strategic reserves rose by 2.4 million barrels to reach 465.4 million barrels. A day earlier we had been informed by the API of the same: a growth in reserves. This is the first time in almost three months that we have seen the indicator rise.

The Iran-G6 deadline has been shifted to 7th July. This is adding intrigue to the commodities market. For now oil prices are still within the medium-term trading channel of $61-65 per barrel. There will be sharp movements when some objective information comes out about Tehran. For commodities investors the Greek factor has been pushed out of the foreground for the meanwhile, but the referendum is looming. It’s believed that Monday will be a tense and exciting day for oil quotes.

Throughout the trading day, Brent could reach $62.7 per barrel or drop down. WTI is looking to trade in the region of $57.10-58.10 per barrel.

Attention:

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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