Oil rises in price: Reducing OPEC production is bearing fruit
On Monday, oil prices rose, the market will grow over the five sessions, but the increase in US production is constrained by a possible rise in profit.
Brent LCOc1 crude oil increased by 0.8% to $ 56.44 per barrel, while US futures CLc1 increased by 0.7% to $ 54.35 per barrel.
On Friday, oil prices fell after the release of data (EIA), in which once again it was noted that US crude inventories rose for the seventh week in a row.
The truth is the market still feel the support in the range of $ 4 - 5 from November, when the OPEC and other producers agreed to cut oil production.
EIA data showed that inventories increased by 564.000 barrels to 518.7 million last week.
"This is the lowest increase in the last couple of months. If this trend decline in imports and decrease in profit reserves will continue in the coming weeks, we can assume that the reduction in the production of OPEC and other producing countries are beginning to have an effect, "- stated in the ANZ notes.
"Market trades in a range. The reduction in OPEC supply to support the market at this stage ", - said Rik Spuner, chief market analyst at CMC Markets in Sydney.
On the technical front, of Brent crude oil can break support in the range of $ 55.93 per barrel and fall to the next support at $ 54.81, as its consolidation is not yet complete, said Wang Tao, a Reuters analyst.
US oil could fall to support at $ 53.37 per barrel, according to the foresight of Fibonacci and uplink.
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