Optimistic forecasts on oil prices, nuclear talks with Iran, and upcoming OPEC+ meeting. How to trade oil these days?
Crude's prices fall on the inventories' release
The release of crude oil inventories earlier today showed a surprise increase in the number of barrels. The output rose by 2.4 million barrels (vs. the expected decline by 2.9 million).
- The price for WTI tested June's support at $50.72. If this level is broken, the price will be vulnerable to the fall towards the $50 level. After the break of that support, pay attention to the $48.46 level. From the upside, the key resistance levels lie at $53.30-$53.73, $54.4 and $55.6.
- Brent slid to the support at $55.53. If this level is broken, it will increase the chance of reaching the $54.70 level. After that, the January's lows at $52.8 will be in focus. If the $55.53 level is rejected, bulls will push the price for Brent towards the resistance at $59.13. The next one will be placed at $60.4.
US PCE Price Index will be out on Friday at 15:30 MT.
Microsoft joined Apple in the $2 trillion dollar club! Follow PMI reports from the US, UK, and EU throughout the day!
The Bank of England will release its statement and announce its monetary policy decision on June 24 at 14:00 MT.