On Monday, Brent added 0.5% to $63.28 but remains to be seen if it can break past the $65 barrel. Strategists at OCBC bank think the consolidation from $60-$65 may continue, but their long-term bias is still to the upside. Stabilisation around $60-$65 “The US has appeared to have finally gotten over its Q1 cold snap, with the refinery utilization rate now at 84% – the highest in more than a year. This should help to draw down crude oil stocks more quickly, which means how quickly gasoline inventories can draw down from here will be the main determinant of oil prices in the immediate future.” “The resurgence of the virus worldwide – first in Europe, now in Asian economies like India and S.Korea – mean the upward bull run may be derailed for the time being.” “For now, we expect the $60-$65 consolidation to hold, although our bias is still to the upside.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD: Global growth recovery yo support the aussie this year – HSBC FX Street 2 years On Monday, Brent added 0.5% to $63.28 but remains to be seen if it can break past the $65 barrel. Strategists at OCBC bank think the consolidation from $60-$65 may continue, but their long-term bias is still to the upside. Stabilisation around $60-$65 "The US has appeared to have finally gotten over its Q1 cold snap, with the refinery utilization rate now at 84% - the highest in more than a year. This should help to draw down crude oil stocks more quickly, which means how quickly gasoline inventories can draw down from here will be the main determinant of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
