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Oil Looks Weak

Olymp Trade

Brent crude oil continues to consolidate in the region of $64.0-65.0 per barrel. At the end of last week, bulls failed to break the $65.0 mark. Most likely, the level of $64.0 will not resist, and the price will continue to decline in the short term. Next strong support will be at $63.0, where buyers got active at the beginning of last week. It is very likely that the gap, which followed the attacks on oil facilities in Saudi Arabia, will be filled in the medium term. In other words, the price should return to $60.0.
Saudi Arabia reported that it was able to resume work on the main oil facilities damaged by the drone attack. An additional incentive for bears is the latest weak data on manufacturing and services PMI in Europe. Besides, the IFO Institute expects the German economy to stagnate in Q4 2019.

On Wednesday, the US releases data on the country’s crude oil inventories. The consensus forecast is minus 0.768 million barrels, and the forecast of the analysts surveyed by S&P Global Platts is minus 190 thousand barrels.

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Source: https://olymptrade.com/
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