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11:22
How to make money on WTI oil? Trading ideas for traders 07/17/2020: will the correction continue?

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WTI crude oil fell on Thursday, ending trading at $ 40.68 per barrel. Oil came under pressure amid a sell-off in the stock market, as well as OPEC + decision to ramp up oil production from August.

 

 

AMarkets

 

 

The decline in risk appetite was a reaction of traders to growing tensions between the United States and China. According to the latest reports, the White House is considering barring members of the Chinese Communist Party and their families from visiting the United States. On Wednesday, Washington announced it was imposing visa restrictions on employees of the Chinese telecommunications company Huawei and employees of other companies who, according to the White House, helped the Chinese authorities to restrict human rights in the country. In response, China has imposed travel bans for some US officials. Increased tensions between the countries neutralized the positive effect of the release of encouraging macroeconomic data from China. The country's GDP in the 2nd quarter rose by 3.2% compared to the same period last year, while the consensus forecast of analysts assumed growth of 2%. According to the results of the 1st quarter, the Chinese economy contracted by 6.8%.

 

Market participants continue to analyze the results of the last OPEC + meeting, which took place on Wednesday. At the same time, oil prices reached a 4-month high after the OPEC + countries agreed to reduce the supply limit from 9.7 million barrels per day to 7.7 million barrels per day. Meanwhile, countries that did not honor the agreement in May and June will have to cut their oil production even further in August to offset the surplus in past months. Despite the existing agreements, many traders are confident that the real growth in oil production in August against the background of the last recovery in prices may exceed 2 million barrels per day. In other words, there is a risk that supply growth will outstrip demand, which is more than likely against the backdrop of the continuing deterioration of the global epidemiological situation. With that said,

 

 

WTI SellStop 40.50 TP 38.10 SL 41.20

 

 

Analytical reviews and comments to them reflect the subjective opinion of the authors and are not a recommendation for trading. Author Artem Deev is a trader analyst at AMarkets . The social network of traders is  not responsible for possible losses in case of using the review materials

 

 

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