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Main » 2019 » December » 5 » How to make money on oil today? Trading Ideas Brent 05.12.2019: «Bullish" rally the oil industry has already begun!
11:23
How to make money on oil today? Trading Ideas Brent 05.12.2019: «Bullish" rally the oil industry has already begun!

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During the trading session, Brent environment close to the level two-month high, testing the resistance of $ 63 per barrel. A similar trend was further proof of the willingness of traders to the development of "bullish" rally, a catalyst which can be a meeting of OPEC +. Recall, the long-awaited meeting of the energy pact will begin in a few hours in Vienna. The meeting will discuss the extension of the agreement on the limitation of the total production by 1.2 million. Barrels per day, which are valid until the end of March 2020.

 

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On the eve of the meeting of the Iraqi oil minister Tamir Ghadban said Iraq and several other countries are ready to support additional production cuts at the 400 th. Barrels, up 1.6 million. Barrels per day. These statements have encouraged investors concerned that the proposal in the next year in the oil market could exceed demand, putting pressure on prices. Support prices also helped Bloomberg reports that the US and China are close to concluding a preliminary trade agreement that may be signed until December 15.

 

brent schedule today 12/05/2019


Earlier, prices fell due to concerns that the continuing trade tensions between the two countries will slow global economic growth and erode demand for hydrocarbons. On the side of the buyers in this time there were data on US oil inventories change. According to a report released Wednesday by the Energy Information Administration US crude stocks last week fell by 4.8 million. Barrels. Taking this into account, "long" position on the oil still remain much more interesting sales.


Brent BuyLimit 62,10 TP 67,50 SL 61,40

 

Analytical reviews and comments reflect the personal opinion of the authors and are not a recommendation to trade. Author trader analyst Artem Deev AMarkets. Traders community is not responsible for any losses in the case of the review of materials

 

 

 

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