Brent crude continues to consolidate near $ 63 per barrel, showing indecision of traders against the backdrop of Middle Eastern events. Market participants fear that the growing tensions in the Middle East at any time able to return on financial grounds for fears of supply disruptions that had already provided significant support to the quotations of "black gold". Given the high probability of retaliation by Saudi Arabia for an attack on oil installations Saudi Aramco, these concerns more than justified.
Earlier, Saudi Arabia, with the support of the allied US troops launched a military campaign against Yemen. In addition, still remain unclear steps in Riyadh on Iran, which has also been accused of involvement in the incident with the attack drones. The other day, Britain, France and Germany issued a joint statement in which they noted that Iran was responsible for the attack on Saudi oil facilities. In response, the Iranian Foreign Minister Javed Zarif rejected any Tehran's intention to return to the nuclear deal in 2015.
Taking this into account, the Middle East will retain the status of oil prices the main catalyst, which must be considered in any trading decisions. On the side there is a probability of oil sellers cancel the trade negotiations between the US and China, the outcome of which depends on the prospects for global economic growth. However, since they have to be held in October, their impact on the market will be less marked than that of the Middle East conflict. Against this background, the priority is better to buy oil.
Brent BuyStop 63,60 TP 68,50 SL 62,90
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