Friday, 14.08.2020, 11:10
Free no deposit Bonus Forex
Welcome Guest | RSS
Site menu
Our poll
Rate my site
Total of answers: 40
Statistics

Total online: 1
Guests: 1
Users: 0

12:11
How to make money on oil today? Trading idea for traders 07/14/2020: OPEC + meeting and its effect on oil

article36756.jpg

Brent crude during the trading session on Monday fell by 1.14%, closing the day at $ 42.21 per barrel. Oil pressure remains at the Asian session on Tuesday.

Market fears for the prospects for global economic growth, as well as hydrocarbon demand, led to a significant deterioration in the epidemiological situation in the world, which led to lower prices. The World Health Organization (WHO) has reported a record daily increase in incidence worldwide - more than 230,000 people. The largest increases were recorded in the USA, Brazil, India and South Africa.

 

AMarkets

 

Pressure on quotes is also exerted by expectations of the next OPEC + meeting, which will take place tomorrow. On Saturday, the Wall Street Journal reported that OPEC, led by Saudi Arabia, is about to ease production restrictions starting in August amid signs of a recovery in demand after its collapse due to quarantine measures. Recall that the OPEC + countries in April concluded an agreement to reduce oil production by 9.7 million barrels per day after falling demand and a price war between Moscow and Riyadh led to a collapse in oil prices. Saudi Arabia proposes to increase oil production by 2 million barrels per day. If a decision is made, the volume of cumulative production cuts from August will amount to 7.7 million barrels per day against 9.7 million in July.


Despite the fact that a number of oil exporting countries may oppose easing restrictions on production in August, fearing another collapse of quotations of "black gold" especially against the backdrop of an increase in the number of new cases of coronavirus infection in the US and other countries, most experts believe that the solution it will be accepted. Market participants believe that a decline in the total reduction in production to 7.7 million barrels per day should be regarded as a “bearish” signal for the entire energy market, as it may lead to the re-formation of excess supply. Earlier, the International Energy Agency, in a monthly report on the oil market, published on Friday, reported that global oil demand in June fell by 2.4 million barrels per day to a 9-year low of 86.9 million barrels per day. Given the above,

 

Brent SellLimit $ 42.50 TP $ 40.10 SL $ 43.10

 

Analytical reviews and comments on them reflect the subjective opinion of the authors and are not a recommendation for trading. Posted by Artem Deev Trader Analyst at AMarkets . The social network of traders is  not responsible for possible losses in case of using review materials

 

Similar articles:

News → Forex - how much can you earn? An example of earning in the foreign exchange market (from October 5 to October 9, 2015) for the EUR / USD pair?

FOREX FORECAST → How to make money for a trader today Trading ideas 06/04/2019: ERU / USD - there is a chance to sell more

FOREX FORECAST → How to make money in the foreign exchange market today? Trading ideas for traders 06/19/2019 - ECB against the expensive euro!

FOREX FORECAST → How to make a trader today? Trading ideas 06/13/2019: Oil puts pressure on the “Canadian”

FOREX FORECAST → How to make money on Forex today? Trading ideas for traders 06/18/2019: The Australian was sent to a protracted peak.

 

Views: 18 | Added by: mik | Rating: 0.0/0
Total comments: 0
Only registered users can add comments.
[ Sign Up | Log In ]
Log In
Search
Calendar
«  July 2020  »
SuMoTuWeThFrSa
   1234
567891011
12131415161718
19202122232425
262728293031
Entries archive
Site friends
Copyright Bonus-FX.com © 2020-2012Website builderuCoz