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Oil updated local minimum

Olymp Trade

Oil closes 3 consecutive weeks with a serious minus. The asset updated its local minimum at $56.13 per barrel, from where it was bought back in early August after a long fall. After that, the correctional movement began, bulls are currently trying to overcome the resistance level at $59.0. Most likely, consolidation will continue in the zone of $58.0-59.5 in the short term.

Oil is falling amid statements by the Minister of Saudi Arabia that the country has fully restored production after attacks on its oil facilities 3 weeks ago. However, according to Ursa company, Saudi Aramco continues to use oil reserves from oil storage facilities, which have been depleted by 20% during this time. In addition, there is reason to believe that Saudi Arabia is buying oil in Kuwait for export needs.

Pressure on quotes was also provided by weak data in the ISM Non-Manufacturing PMI. In September, it fell down to 52.6 points from 56.4 points in the previous month, which is the lowest since August 2016. The indicator has been falling for exactly a year, since October 2018 at a value of 61.6.

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Source: https://olymptrade.com/
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