Oil: buyers are ready to rise to $ 84.20

On Wednesday, November 24, oil trading ended with a slight decline. The price of Brent crude oil fell 0.1% to $ 82.16. The price consolidated at 82.25 during the day. Traders are assessing the implications of the likely release of oil reserves from the strategic reserves of the United States, China and Japan.

Oil reserves in the US last week increased by 1.017 million (the forecast was -1.8 million barrels), to 434.02 million barrels. Gasoline stocks decreased by 603 thousand (the forecast was -400 thousand barrels), to 211.393 million barrels, distillate reserves - by 1968 thousand (the forecast was -1050 thousand barrels), reaching 121.717 million barrels.

According to the latest data on the number of active rigs for the week from Baker Hughes, the number of rigs for oil increased by 6 units, to 467 units. The number of drilling rigs for gas has not changed and amounts to 102 units.

On Thursday, November 25, oil is trading at 82.25. While the dollar is correcting, buyers have an opportunity to return the rate to the level of $ 84.20. If there is no activity on the part of buyers, we expect the price to drop to $ 81.25.