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Oil Recovers From Recent Collapse

Olymp Trade

Oil has been fixed above $69.00 per barrel. The worst is over and the buyers didn’t let the price fall below $67.00. The local bullish correction continues within the medium-term downward price channel. Its upper limit in $71.00-72.00 zone may become a price target of the local trend in the next few days. The probability of a consolidation in the $69.50-71.00 area is also great.

Locally bullish sentiment supported by the Baker Hughes report. On Friday, the number of oil-producing rigs in the USA was published - it fell by 5 units, to 797. This is the lowest since March 2018. But most likely the effect from this news will be short.

OPEC+ is still sticking to their agreements, while Iran and Venezuela will continue to restrict production due to US sanctions. The likelihood of an armed conflict between the United States and Iran remains, however, most analysts agree that while Trump will not benefit from war. At least until the elections ends in 2020. Uncertainty persists in his relationship with China. And it will continue until two leaders will meet at the G20 summit in June.

Olymp Trade Review

Source: https://olymptrade.com/
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