The US crude oil inventories index shows a decrease of 447,000 barrels compared to the previous week

At the brent oil index, prices fell in a downward channel after OPEC+ agreed to increase oil production and supply levels. Still, this trend has slowed down and reached the level of $67 for a barrel while the demand for crude oil has risen, and prices are moving in an upward correction channel.

The US crude oil inventories index was released yesterday, showing a decrease of 447,000 barrels compared to the previous week and increasing the level of demand for crude oil in international markets.

Technically, in the mid-term, the price is on the verge of forming a bottom head-and-shoulder pattern, but this pattern has not yet been completed, and the price does not follow a specific trend. Nevertheless, it will be decisive in the price reaction of the mid-term moving averages at the daily and four-hour timeframes.