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.
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.
BRENT overview 21.07.2021
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
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
Latest Posts
Amega launches a brand new client area… and the crowd goes wild!
16 November 2023Amega reduces spreads up to 50%
25 September 2023Amega is going to the Traders Fair South Africa, 2023
14 September 2023Copycats: How social trading is changing the game.
18 July 2023BRENT 14.07.2023
14 July 2023Categories
Tags