The price of Brent crude oil updated its local maximum slightly above $60.0 per barrel amid an attack on Iranian tanker. There were 2 explosions with a difference of 20 minutes on the tanker, caused allegedly by rocket attacks. From a technical point of view, oil has formed an upward price channel with a width of $2.5 over the past 7 trading sessions and is now trading at its upper border. Awaiting new information about trade negotiations between the US and China, trading is likely to focus on the current area. It can be expected a decline to the middle of the channel and the level of $59.5. If negotiations are successful and the channel is broken upwards, traders can count on growth by the height of the channel up to $63.0.
The White House has published a schedule of events, according to which Donald Trump will hold a personal meeting on Friday evening with the Deputy Prime Minister of the PRC. Beijing is supposed to be ready for an interim trade agreement, provided that the US will not impose new duties on Chinese goods.
OPEC's monthly report adjusted downward expectations of the cartel. OPEC lowered its forecast for global oil demand growth in 2019 to 0.98 million bpd, while leaving the estimate for demand growth in 2020 unchanged at 1.08 million bpd.