Since the opening of today's trading day, oil futures quotes are growing. Thus, the price of Brent oil is trying to overcome the first important resistance level 112.63 (200-period moving average on the 1-hour chart). Given the estimates of economists and expectations of further price growth, aggressive buyers may enter the market from current levels. A more cautious position would be associated with purchases after the breakdown of the short-term resistance level of 118.48
(see Technical analysis and trading recommendations).
Participants of the oil market will pay attention to tomorrow's publication at 18:00 (GMT) of the report of oil service company Baker Hughes on active oil platforms in the US.
Previous data from Baker Hughes showed an increase in the number of active rigs to 519 units (vs. 522, 520, 516, 497, 495, 491, 481, 480, 475, 471, 467, 461, 450, 445, 433, 428, 421, 411, 401, 394, 410, 405, 397 in previous reporting periods). It is obvious that the number of oil producing companies in the US is growing again, which is a negative factor for oil prices. Their next growth will also have a negative impact on oil prices, however, it will only have a short-term character.
Oil production by OPEC+ countries remains below the set quotas, while events in Ukraine, through which large volumes of natural gas are supplied from Russia, a major producer of gas and oil, are driving up energy prices. Given the current situation, oil prices may accelerate their growth, even if the dollar further strengthens.
*) the most up-to-date "hot" analytics and trading recommendations (including entries into trades "by-the-market") - https://t.me/fxrealtrading
