Brent crude continues to consolidate near $ 61 a barrel. Market participants are waiting for the OPEC meeting + which will determine the vector of further movement of the entire energy market. Traders are set for the following asset growth, as the members of OPEC + may agree to extend the action to reduce oil production agreement before the end of 2020.
Furthermore, according to the comments of the Minister of Oil of Iraq, OPEC members will also consider the possibility of additional production cuts at the 400 th. Barrels to 1.6 million. Barrels per day. Another factor in the potential of the oil market growth is the strong record as of the industrial sector in China. According to data published by the index of purchasing managers in the manufacturing sector by Caixin in November rose to 51.8 from 51.7 in October. Previously published official index of activity in China's industrial sector also showed an increase to 50.2 from 49.2. We add that the index has exceeded the value of 50 for the first time since April, signaling the recovery of the sector.
On the side of the oil buyers and the dollar's decline. On the eve of the US president, Donald Trump has once again criticized the inaction of the Federal Reserve continues to hold rates at high levels while other global regulators of their activity is reduced, creating competitive advantages for domestic producers. In other words, Trump continues to actively encourage the Fed to take part in the global currency war, win in which it is possible only through the weakening of the dollar. Taking this into account, "long" position on the oil remains a priority.
Brent BuyLimit 60,50 TP 65,50 SL 59,70
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
News → the Forex - how much can you earn? Example of earnings in the foreign exchange market (from 5 October to 9 October 2015) on the pair EUR / USD?
FOREX FORECAST → How to make money in the forex market today? Trading Ideas traders 19/06/2019 - ECB against expensive euro!
FOREX FORECAST → How to make the trader today Trading Ideas 04.06.2019:? ERU / USD - a chance to sell more
FOREX FORECAST → How to make money in the Forex today? Trading Ideas traders 18/06/2019: Australians sent to a prolonged peak.
FOREX FORECAST → How to make the trader today? Trading ideas 13/06/2019: Oil pressure on the "Canadian"