Brent Technical Analysis: Up 0.5%, focus on today's close
Brent oil is currently trading at $61.28 per barrel, representing a 0.5% gain on the day. The black gold charted a Doji candle on Tuesday, signaling indecision in the market place.
The indecisive price action has neutralized the bearish view put forward by Friday's downside break of the trendline connecting the Oct. 3 and Nov. 1 lows.
WTI: Concerns of deeper OPEC+ output cut, upbeat API data help extend latest recovery
WTI remains positive while taking rounds to $56.50 during the early Asian trading session on Wednesday. The energy benchmark follows the two-day-old recovery amid rising concerns of deeper production cuts by the global oil suppliers and upbeat private inventory data.
The American Petroleum Institute’s (API) Weekly Crude Oil Stock survey for the period ended on November 29 showed that the United States (US) oil inventories dropped -3.72 million barrels versus the previous readouts of 3.64 million barrels.
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