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Oil’s Correction Turns Out to Be Flat

Olymp Trade

Bulls, for the second time in a week, are making attempts to break the level of $59.0 per barrel. However, as on Monday, they were unsuccessful. Thus, the weekly price range is in the area of $57.5-59.5, while main trading is concentrated in the zone of $58.0-59.0. The way out of the previous downtrend turned out to be a correction flat, in which trading will continue until new fundamental drivers appear.

The main driver for oil is, of course, the trade standoff between the US and China. So far, the information that reaches traders is rather contradictory. It was previously reported that the US Department of Commerce included 28 Chinese companies on the blacklist of companies, and the Trump administration is considering introducing restrictions on capital movement to China. At the same time, China is ready to increase purchases of soybeans by more than $3 billion.

On Wednesday, data was published on crude oil inventories in the United States. Experts surveyed by S&P Global Platts believed that oil reserves would increase by 2.4 million barrels, while the consensus forecast was 1.413 million barrels. Official statistics released by the EIA showed an increase of 2.927 million barrels. This is the fourth consecutive increase after attacks on oil facilities in Saudi Arabia.

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Source: https://olymptrade.com/
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