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Oil market is trying to find a direction
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Oil market protects its strong trend after weekly oil stock data in the USA

Oil market protects its strong trend after weekly oil stock data in the USA

Oil market protects its strong trend after weekly oil stock data in the USA on the global forex market.Despite the increase in weekly oil stocks announced yesterday in the US, Brent Oil, which trades at a price of 57.00 USD, is still looking for a bullish move. Over 57.00 USD in the day may lead to an increase in volatility. The support and resistance levels we provide in the end-of-day analysis for the commodity remain valid. Another data released yesterday in the US was the November trade balance figures. In the mentioned period, while the decrease in foreign trade deficit was estimated, the deficit rose to 65.3 billion dollars. On the other hand, the withdrawal in the Dollar Index, which is located in an overdelivery overbought territory, draws attention. However, because of the holiday season, the transaction volume is very low and we can not talk about a healthy price. The same is true for the rapid appreciation in the euro.

Date: 30 December 2016 Fri 08:53

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