Oil: buyers keep the price near $100 per barrel

On Thursday, March 16, according to the results of the day, Brent crude oil fell by 0.68%, to 98.01 rubles. Intraday volatility has eased in the market, with sellers trying to lower the rate lower using the latest data from the US Department of Energy.

Oil inventories in the US last week rose by 4.35 million barrels (forecast was -1.8 million barrels). Inventories of gasoline decreased by 3.62 million barrels, distillates - increased by 332 thousand barrels. Economists had forecast a 1.46 million barrel decrease in gasoline reserves and 1.76 million barrels of distillates.

On Thursday, March 17, at auction in Asia, oil is traded at $99 per barrel. In the morning session, buyers show interest in shopping. Considering that the American currency fell in price after the meeting of the US Federal Reserve, we can consider a recovery to 104.50. If the auction ends below $100, then we expect prices to fall to $95 per barrel. 4h Chart:

Trade Example: Open Buy Position at current price at BRENTpro with 10,000 units with take profit at $105, would result in up to 59,000 EUR of profit once take profit is reached.