Oil rose to $50 per barrel after optimism grew, because of increased demand. WTI's 2.4% growth came after OPEC raised its forecasts for demand to new higher values. Demand for oil by the end of 2017 will increase as Europe and China show good economic growth, and US hurricanes that have suffered serious damages have prompted distributors to withdraw large quantities of stocks to deal with deficiencies.
WTI reached $50.60 per barrel, while the overall traded volume was 37% higher than the 100-minute moving average-positive price signal. The technical price has probed the descending channel, with the only obstacle currently being 200 moving average. If the price can close a bar above it, it is likely that positivism will remain.
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
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