Brent crude finished the trading session with a slight advantage at the level of $ 56.41 per barrel. Growth continues the third consecutive session. Market participants buy "black gold" despite the increase in the spread of Chinese coronavirus infection. Earlier hopes the epidemics weakened decline data for the jump number of deaths, as well as a dramatic increase in the incidence of infection due to the use of a new detection methodology disease. Given the pace of the spread of infection, the World Health Organization adviser (WHO) Ira Londzhini suggested that a new coronavirus COVID-19 can be infected with two-thirds of the planet's inhabitants.
According to the expert, in his prediction, he comes from the statistics, according to which each transmit the virus infected even two or three people. As the epidemic has a negative impact on the pace of global economic growth and demand for commodities, Brent crude oil still retains the potential to reduce. IEA on Thursday lowered the forecast of oil demand growth to the lowest level since 2011, tying it with a virus outbreak. The agency expects that in 2020 demand for oil will grow by 825 thousand. Barrels per day, down by 365 thousand. Barrels less than the previous estimate. Following the Energy Information Administration forecast for oil demand and OPEC reduced.
At the meeting, which was held in February, a technical committee of OPEC + recommended the extension of the current decline in production until the end of this year. Next meeting of the energy pact at the ministerial level will be held in Vienna on 5 and 6 March. So far, the initiative at any time may again be on the side of the sellers.
Brent SellStop 56,10 TP 53,10 SL 56,80
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