Forex analysis | Amega Forex Broker

BRENT overview 21.07.2021

21 July 2021 Amega

Oil rises on improved risk appetite.

Oil under the bullish pressure today extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in U.S. oil inventories last week and a weaker demand outlook due to rising COVID-19 infections. This reversal comes after the strong falls registered during the last few sessions, which were triggered by worries over the impact the Delta variant and the agreement between OPEC+ countries to increase production. Global risk appetite improved after upbeat quarterly results from companies including Johnson & Johnson and Coca-Cola reignited optimism about the health of corporate America and about the oil demand outlook.

Expect buyers on downward corrections.

Next resistance to watch – 71.5

Amega

Trade with an award-winning broker! Lowest spreads on the market for Forex, Precious Metals, Energies. No re-quotes, no rejection of orders & instant withdrawals.

Open account