Oil updated a new local minimum at around $57.2 for a barrel, losing 6.5% from the local maximum at the end of August. The local breakthrough of the level of $58.0 was quickly bought out and as a result, buyers are already trying to gain a foothold above $59.5. If this happens, further strengthening is possible with the 4th attempt to overcome key level of $61.0, which is an insurmountable barrier to further growth from mid-August. The most realistic mid-term scenario at the moment is the continuation of the trend oscillation in the range of $58.0-61.0 until a new fundamental stimulus appears.
The status of trade negotiations between the US and China remains at the same level - the conditions have not yet been reached by the parties. Hurricane Dorian, which promised catastrophic destruction and disruptions in the supply of petroleum products to the United States, weakened to the second category. But among investors, fears of a global recession intensified - the US manufacturing PMI index fell to a minimum of 3 years, same data in the Eurozone show a decline for the 7th month in a row. Nevertheless, all these factors, one way or another, are already on the market and a new strong fundamental factor should appear for the beginning of the new trend movement.