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Brent faces new resistance level at $59/bbl

Crude futures saw milder gains on Wednesday, February 3, with Brent rising another 1.24% to $58.39/bbl and WTI up 1.46% at $55.72/bbl.

On the inventory front, US crude stockpiles fell by 994,000 bbl during the week ending January 29, ahead of the median consensus that called for a 446,000 bbl build.

Meanwhile, yesterday’s OPEC+ JMMC meeting did not discuss April production levels, leaving this issue until the next meeting scheduled for March 3.

Brent currently faces a new resistance level at $59/bbl as the benchmarks traded resolutely higher at the opening. Brent is up 0.6% and WTI is 0.5% higher. Our Brent forecast for today is $58-59/bbl.

 

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