Brent crude on Tuesday trades rebounded from 17-year lows, and by developing a positive trend, finished trading at $ 27.64. It should be noted that interest in the oil industry is preserved and Wednesday. By 10:00 Moscow time for one barrel of oil is $ 30.38. Supporting quotes continue to provide large-scale incentives the world's central banks and, above all, the Federal Reserve System, announced earlier in the week for unlimited volume and timing of the program of quantitative easing. On Monday, the US regulator has announced its readiness to acquire non-limiting amount of Treasury bonds and securities backed by mortgages, to support financial markets. Earlier, the Fed lowered its benchmark interest rate to near-zero mark.
Market sentiment also supported by posts Administration Trump agreement reached on a bill to support the economy. In particular, the administration of US President Donald Trump, and Democratic senators reached agreement on the draft law on emergency US economy and citizens, totaling $ 2 trillion. Recall that the bill provides for cash payments to the Americans in the amount of $ 1200, the creation of small business support program worth $ 367 billion., As well as allocation of $ 500 billion. For financing of various industries, cities and states.
Despite the positive trend, market participants do not believe that the recovery in prices would be stable against the background of a sharp drop in demand due to pandemic COVID-19 virus. Besides, it will not go away and the problem of growth in supply due to the price war between Saudi Arabia and Russia. In addition, a decrease in oil prices today can provide data on US oil inventories change. The report from the Energy Information Administration will be published at 17:30 GMT. According to the forecast, oil stocks last week rose again. If expectations are confirmed, the pressure on the Brent quotations increase. Taking this into account, "short" position on oil are still more promising trading decisions.
Brent SellStop 29,80 TP 25,10 SL 30,50
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