Brent crude during the trading session on Monday fell sharply and, having lost $ 1.79 or 3.61% and closed trading at $ 59.43 per barrel. It should be noted that the hydrocarbon sales continued the second week in a row, as a result, retailers managed to completely reverse the asset growth, triggered by an attack on oil installations Saudi Aramco and which caused a significant reduction in oil production. On Monday, Reuters reported, citing CEO Aramco Trading, reported that Saudi Aramco, fully eliminate the consequences of the terrorist attack and restored to its former peak oil production. On the question of whether the production has reached 9.9 million. Barrels per day, he said that "oil production has been restored to the target level, or even a little higher."
Oil pressure has also had the decision of Saudi Arabia to establish a partial truce in Yemen, including areas controlled by Huthis. This was announced at the end of last week. In addition, the sellers side and lingering concerns over the prospects for global economic growth against the backdrop of disappointing macroeconomic reports on manufacturing activity in the key regions of the world.
That said, a further decline in oil may be limited supply reduction expectations from Venezuela and Iran, the uncertainty surrounding the planned next week, the next round of trade negotiations between the US and China, as well as fears of supply disruptions across the Persian Gulf. Moreover, such a news background may well turn out to support oil, enough to re-initiative passed to the buyer.
Brent BuyStop 59,80 TP 64,50 SL 59,20
Analytical reviews and comments reflect the personal opinion of the authors and are not a recommendation to trade. Author trader analyst Artem Deev company AMarkets. AMarkets shall not be liable for any damages in case of a vision materials
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