Oil: Buyers Exceeded $ 85 Level

On Tuesday, November 9, oil trading ended with growth. The price of Brent crude rose 1.77% to $ 85.10. Buyers remain active in anticipation of an increase in oil demand due to the recovery of the US economy. In addition to that, support comes from the approved bill on investments in the country's infrastructure in the amount of $ 1 trillion.

On Wednesday, November 10, at trading in Asia, Brent crude oil costs $ 85.12. Market participants focus on two reports: the US inflation report and the US Department of Energy's oil inventory data. The API report on oil reserves as of November 5 reflected a decrease in reserves by 2.485 million barrels against 3.594 million earlier.

Buyers' positions remain strong. They again opened their way to the $ 87 level. The support is the level 84.45. If buyers cannot protect it after the inflation data is released, then the update of the 86.67 high from October 25, 2021 will have to be postponed for a while.