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Oil market is waiting for G20

Olymp Trade

Oil continued to strengthen, but bulls failed to gain a foothold above $66.6 per barrel. As a result, Brent is consolidating at the $65.6-66.6 zone, making attempts to grow. The structure of the movement has slightly changed, and the volatility has decreased. Next important level for buyers is $67.3. The quotes collapsed to $60 at the end of May right after its breakout, so this level has a particular importance in the current upward movement.

Traders are focused on the G20 Summit. One of the main meetings that will take place on Saturday is a meeting between the US President Donald Trump and the head of China, Xi Jinping. For commodity market participants, its results will give a better picture of global oil demand in the second half of the current year. This will depend on whether the parties manage to reach a trade agreement. China will offer a specific deal, but Trump has already announced that he is ready to place additional tariffs on Chinese goods if he does not reach an agreement with Xi Jinping.

Another key meeting of the G20 summit will be a meeting between the leaders of Russia and Saudi Arabia. They will discuss the continuation of the current agreement to reduce oil production before the official meeting of representatives of OPEC countries and their allies, which will be held on July 1-2.

Olymp Trade Review

Source: https://olymptrade.com/
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