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Oil updates its highs

Olymp Trade

Oil has been in an aggressive uptrend since February 11. Today, Brent has updated the yearly high at around $64.8 per barrel. Over the past day, oil has grown by 0.8% or $0.5. At the time of writing, the price has adjusted to $64.1.

Oil has finally broke the strong resistance level of $63.0. Although the bulls are quite strong, the high is unlikely to be updated again. Most likely, the quotes will return to the area of $63, which will be followed by a retest.

The main fundamental basis for such growth is the negotiations that have begun today between the US and Chinese trade representatives. The US Treasury Secretary is to meet Vice Premier of China. Another positive moment that Donald Trump is reportedly considering the possibility of extending the deadline for introducing new tariffs by 60 days from March 1. Both countries are the world’s biggest oil consumers.

Good statistics from China gave the bulls confidence. China’s crude oil imports increased by 4.8% and exceeded 10 million barrels per day for the third month in a row. However, it can be said with confidence that the market has already reacted to this factor.

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Source: https://olymptrade.com/
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