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Lambert: Stockpile decline sparks rally in Brent Crude
The price of Brent Crude rallied Thursday as concerns of oversupply dwindled. Clive Lambert from FuturesTechs notes that this rally has helped recover crude’s losses from earlier in the week. Stockpiles fell 2.67 million barrels the week of May 15, a much steeper decline than had been expected. Crude prices are now near two key support levels, USD 66.00 and USD 65.68, according to Clive. He is looking to structure a trade around these levels and plans on buying on a dip to USD 66.00 with a stop at USD 65.68. He has set a short-term target of USD 67.00, but says that if the trade runs into the earlier part of next week his two additional targets would be USD 67.90 and USD 70.30.
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01:14 minutes
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