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Support for oil after a major oil pipeline broke in the UK

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Oil prices have continued for a fourth straight day, backed by the shutdown of the British Forties North Sea pipeline. Disruption of the pipeline is a result of a crack and will lead to a significant drop in supply as it serves over 80 platforms. The damage will leave over 400,000 barrels per day out of the market and investors take advantage of it. The Brent variety flowing along this pipeline rose to $65.23 for the first time since 2015.

We expect the rise to be temporary, and after the repair of the facility, the price to adjust and return to normal market behavior. WTI is trading for a fourth consecutive day, and we expect the price to test the tops around $59. The medium-term trend remains rising, and the first strong resistance level is at around $62 a barrel. Bridging the last peak of $59.20 will boost positivism, and it is very likely that we will be watching a test at about $62 - peak in May 2015.

Source: Bloomberg Pro Terminal

Jr Trader Petar Milanov


 Varchev Traders

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