Brent crude on the Asian session on Tuesday continued to rise for the third straight session, getting support on fears of oil supply disruptions from the Middle East. By 9:00 Moscow time Tuesday, Brent is trading at $ 63.50.Apparently, the buyers intend to pull Brent above $ 65, but to do so will not be easy
Revised to lower its forecast for global oil demand, as well as the growing difficulties in the macroeconomic environment, provide a fairly strong position and sellers. Recall that last Friday, the International Energy Agency lowered its oil demand growth forecast for 2019 to 1.1 million. Barrels per day from 1.2 million. Barrels just because of the deteriorating global economic outlook. Market participants continue to closely monitor developments in the Middle East. After the incident with the Iranian UAV, as well as captured British oil tanker became apparent that the subject of the Middle East crisis can not be underestimated.
It complicates the overall situation and the fact that the race for the leadership of the Conservative Party in Britain is not over yet - who will be the new prime minister, we learn today. Given that the British ship continues to be held by the Iranian authorities, the newly elected leader of United Kingdom may well pour "oil on the fire." It should be noted that the probability of this is particularly high if we consider that the new prime minister of England could become almost radical Boris Johnson. Against this background, we recommend to maintain "long" position in order to consolidate Brent above $ 65.
Brent BuyStop 63,60 TP 68,50 SL 63,10
Analytical reviews and comments reflect the personal opinion of the authors and are not a recommendation to trade. Author Artem Deev trader analyst AMarkets. Special Forex shall not be liable for any damages in case of a vision materials
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