Buyers in oil are ready to break the 86.60 level

On Tuesday, October 26, oil trading ended with growth. The price of Brent crude rose 0.27% to $ 86.15. Buyers continue to hold positions in the $ 86 region amid the energy crisis.

The growth of oil prices was restrained by the strengthening of the US dollar on Forex. Investors expect a cut in QE at the FOMC meeting on November 2-3.

The latest report from the American Petroleum Institute (API) showed that last week, weekly stocks of crude oil increased by 2.318 million barrels against the forecast of 1.650 million and the previous value of 3.294 million. The official report of the US Department of Energy will be released today. It is expected to increase reserves by 1.9 million barrels.

On Wednesday, October 27, at trading in Asia, oil is trading in a slight minus. The price of Brent crude oil remains in the range of 85.25–86.66. Buyers are ready to go out of range. Today they need to gain a foothold above 87, otherwise sellers will feel their weakness and go on the offensive. Considering how many long positions are open in oil futures, the correction can be deep. The OPEC + meeting (November 4) also remains in the spotlight.