Stock market quotes, forex, financial news, forex tools –

Oil price is rising after the 6-week fall

 Breaking News
  • Global demand for oil grows The International Energy Agency (IEA) has published a very interesting study. So, in the next five years, global oil demand will grow about 1 million b/d every year. This means...
  • Tesla to build its fourth factory Elon Musk said that the company was planning to build the first plant in Europe. The German capital has been chosen for this purpose. It will be the fourth plant...
  • Facebook Pay is new payment system of famous social network The well-known company Facebook has announced the launch of its own electronic payment system Facebook Pay. Through the company’s official blog, we have found out that the service will operate...
  • Amazon to open a new supermarket chain in the States Amazon, the largest US online retailer, already owns several supermarket chains. The first of them called Whole Foods was purchased in 2017 and cost $ 13.7 billion. The chain specializes...
  • Energy Market News Today, at 8 a.m. Moscow time, Brent crude futures rose $ 0.14 (or 0.23%) – to $ 62.32 per barrel. We recall that yesterday the asset price lost 0.53% ($...
Oil price is rising after the 6-week fall
November 19
13:00 2018

Oil started the week with a good growth. However, experts say that it is not worth waiting for a serious move, because the market has already been oversold.

During the six sessions, we all have been watching the fall of the WTI and Brent benchmarks, which eventually have fallen by 6% and 5%, respectively. The oil market has not experienced such a fall for more than 3 years.

The January contracts of Brent have risen today by 0.8% to the value of $ 67.3 per barrel. December WTI futures have grown by 0.7% to $ 57.1 per barrel.

Analysts say that the resumption of deliveries from Kirkuk province over the weekend has broken the trend in the market. Nevertheless, investors are still afraid of the situation when there is a supply growth at the time of the demand reduction.

Experts believe that the minimum price level has already been passed, and now it will remain in a small range.

The representatives of Bank of America Merrill Lynch note that during a bearish trend, the market cleared of long positions. At the same time, oil reserves are not very large. This may have a positive effect on price movements.



The material was prepared with the participation of Anjela Chromova,
a leading analyst of the brokerage company CT Trade

Related Articles


No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment