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Main » 2019 » December » 3 » How to make money on oil? Trading Ideas Brent 30.10.2019: Is Brent stay above $ 60?
12:36
How to make money on oil? Trading Ideas Brent 30.10.2019: Is Brent stay above $ 60?

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Brent crude by 16:00 GMT continues to be listed in the red zone. During the trading session on Tuesday the daily wage was $ 60.32 per barrel. the oil pressure in the United States have expectations of growth stocks, as well as doubts about the readiness of Russia to go for a massive reduction of production within OPEC agreement. + 

 

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According to Deputy Minister of Energy of Russia Pavel Sorokin, previously there were conversations about Russia's readiness for a large-scale reduction of production, are premature. Tonight, the American Petroleum Institute will publish its assessment of changes in stocks of oil and petroleum products in the US, and tomorrow the official data present the Ministry of Energy US Energy Information Administration. According to a survey S & P Global Platts, Energy Information Administration reported an increase of oil to 2.5 Mill. Barrels of gasoline and to reduce the inventory at 2.5. million barrels. If the forecast is not justified, the initiative will go back to the customers.


Further dynamics of oil will depend not only on changes in inventories, but also on the behavior of the dollar. The Fed's decision to lower the key interest rate at 0.25%, is likely to provoke a weakening of the US currency. In turn, the decline in the dollar could support commodity assets whose value is denominated in dollars. Also on the customer side are hopes for a de-escalation of trade tensions m ezhdu the US and China. Judging by recent comments, the country will return to the issue of signing an agreement in mid-November. Having said that, Brent crude oil has a reasonable basis for the resumption of upward momentum.


Brent BuyLimit 60,40 TP 63,50 SL 59,80


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 shall not be liable for any damages in case of ICs use review materials

 

 

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