Trading news

Oil prices grow by 5% on tropical storm

Oil shows strong growth this week. Bulls managed to get over the level of $66.6 per barrel of Brent crude, which had stopped the upward movement 2 weeks ago. The $66.5-66.7 range is now quite a strong support level, however, it is not yet possible to gain a foothold above $67. It seems that players are taking profit after almost 5% weekly growth mainly caused by the "Barry" tropical storm in the Gulf of Mexico.

This was the reason why production has already declined by more than 1 million barrels per day, which is more than 53% of the standard production of the entire region. A storm may hit the US coast on Saturday. According to the weather forecast, it will turn into a category 1 hurricane, with a wind speed exceeding 120 km/h.
The local support for the uptrend was also provided by the actions of Iran. Iran called on Britain to immediately release its Grace 1 oil tanker, which had been seized near Gibraltar. A reduction in the US crude oil inventories to a three-month low also had an impact on the asset price.

Olymp Trade Review

Monday, 15 Jul, 2019 / 8:38

Note: Company News is a promotional service of the Directory and the content isn't created by Finance Magnates.

Source :

Trading news


Sentiment Mixed, Speculation On US Tariffs

News sources indicate that the United States and China are planning on a delay [...]

Posted on Wednesday, 11 Dec, 2019 / 2:37 under

Palladium is nearby 2000$

Palladium continues to skyrocket towards $2000 per ounce. At the beginning of [...]

Posted on Wednesday, 11 Dec, 2019 / 1:42 under

Fed meets, new ‘dot plot’ could lift dollar

  Fed to stay on hold today; dollar may get a mild boost if [...]

Posted on Wednesday, 11 Dec, 2019 / 9:36 under