The price of Brent crude oil remains under pressure as gasoline inventories grew to a record high. In particular, the US Energy Information Administration reported a rise in gasoline stocks by 0.9 million barrels to 241 million barrels in the week ended 15 July that is 25% increase compared to the previous year. The same situation can be seen in Europe where gasoline stocks were up by 12%.
Moreover, strengthening in the US Dollar and a sluggish pace of the world economic growth have a negative impact on oil prices dynamics.
Support and resistance
is growing suggesting the possibility of a correction towards the level of 46.50 from which a fall in the price should be expected.
The nearest is at 45.80.
The nearest is at 46.50.
Short positions can be opened from the level of 46.50 with the target at 45.00 and stop-loss at 47.00.