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Oil is traded weakly

Olymp Trade

Brent crude oil is traded weakly on New Year's Eve. On Friday, price was locally supported by statistics from the EIA. Crude oil inventories in the USA decreased by 5.474 million barrels, while the forecast was minus 1.724 million. Distillate stocks decreased by 0.152 million barrels, although an increase of 0.800 million was expected. Gasoline inventories increased by 1.963 million, while the market expected an increase of 1.663 million barrels.

On Sunday, the Department of Commerce of China announced that it is in close contact with the United States on the signing of a long-awaited trade deal. Market participants also monitor reactions to unrest in the Middle East. Traders did not respond well to news of US strikes in Iraq and Syria against an Iranian-backed military group, although US officials warned of possible "additional actions."

Also, due to the transition to another futures contract, some assets like UKOIL or USDBRO on Monday decreased impulsively by almost 2%, from $68.30 to $67.00. Oil speculative net positions last week turned out to be the same as the previous one. This indicator is currently located at a 7-month high.

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Source: https://olymptrade.com/
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