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Main » 2020 » March » 3 » How to make money on oil? Trading Ideas traders 03/03/2020: Day and void if the oil is doomed to decline?
15:23
How to make money on oil? Trading Ideas traders 03/03/2020: Day and void if the oil is doomed to decline?

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Trading session on Monday, as expected, successfully developed for oil buyers. Brent crude oil per day added about 5% and recovered from $ 50.27 to $ 52.76 per barrel. Positive dynamics is preserved in the Asian session on Tuesday. At the time of this writing, a single barrel of oil at $ 53.50 rynkedayut have a barrel.

 

AMarkets

 

Support prices have hope that this week's OPEC + negotiate further reduction in oil production. On market optimism was also influenced by expectations that central banks will be able to support the growth of the world economy with new measures of monetary stimulus. Earlier, oil prices showed the most significant weekly decline since the 2008 financial crisis, asks to $ 48.9, a level which corresponds to the minimum with July 2017.

 

Despite the current recovery of Brent crude oil still has potential for further easing. still the fundamental backdrop remains negative. The rapid spread of COVID-19 remains the main market fear, especially after the first recorded case of death from the virus in the United States. The epidemic has caused a violation of the world's supply chains, resulting in a general economic downturn and a drop in demand for hydrocarbons. Many market participants expect the central banks, including the Fed will soon soften monetary policy to prevent the economic consequences of the coronavirus. The necessity of these measures is also due to a record fall in the index of business activity in China, which has become a harbinger of the coming crisis.


The participants of the oil market will be closely watching the OPEC meeting + which will be held March 5-6 in Vienna. Members of the energy pact will discuss the possibility of further oil production cuts to stabilize prices and the balancing of supply and demand. The Wall Street Journal on the eve reported that Saudi Arabia has offered the Russian Federation and other OPEC countries + compromise - lower production by OPEC + 600 thousand barrels per day.. If this initiative and will not support, Brent crude oil will be doomed to further decline. Against this background, we recommend not to give up short positions.

 

Brent TP SellStop 52.20 S 50.20 52.80


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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