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Oil Prices Were Modestly Up

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Oil prices lost more ground on Thursday, with the market weighed down by a surprise increase in U.S. crude oil reserves as the coronavirus pandemic hits fuel consumption. US Crude inventories rose by 4.9 million barrels in the week to July 17 to 536.6 million barrels, compared with expectations in a Reuters poll for a 2.1 million-barrel drop.

Production rose to 11.1 million barrels per day, up by 100,000 barrels per day. In his first briefing in months focused on the pandemic, U.S. President Donald Trump said that the outbreak would probably get worse before it gets better, one of his first recent acknowledgements of the spread of the problem. A fresh dispute between Washington and Beijing put further pressure on prices. The United States gave China 72 hours to close its consulate in Houston amid accusations of spying, marking a dramatic deterioration in relations between the world’s two biggest economies. The oil market is likely to take direction from consumer confidence data expected from Europe later in the day.

TREND : WEAK BULLISH

Time                                      :           23/07/2020

Pivot                                      :           41.69

Technical View                     :            LONG ABOVE 41.89

Target                                   :           42.09, 42.41, 42.61, 43.18

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