The price of Brent crude oil edged higher on Wednesday, lifted by U.S. producers shutting most of their offshore output in the Gulf of Mexico ahead of Hurricane Laura and optimism over China-U.S. trade talks. But gains were capped amid renewed concern over the coronavirus pandemic, which has squeezed fuel demand, after reports from Europe and Asia of patients being re-infected with COVID-19, raising concerns about future immunity. Producers evacuated 310 offshore facilities and shut 1.56 million barrels per day (bpd) of crude output, 84% of Gulf of Mexico’s offshore production – near the 90% outage that Hurricane Katrina brought 15 years ago. The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 4.524 million barrels for the week ending August 21. The U.S. Energy Information Administration will release its own official inventory data later on Wednesday.
TREND : WEAK BULLISH
Time : 26/08/2020
Pivot : 43.12
Technical View : LONG ABOVE 43.32
Target : 43.52, 43.94, 44.28
Technical View : SHORT BELOW 42.92
Target : 42.72, 42.53, 41.96, 41.52