Brent crude oil continues to be quoted above $ 65 per barrel, getting support from easing trade tensions between the US and China, as well as agreements reached by OPEC + on further reduction of oil production. Bloomberg yesterday reported that China and the United States will sign the first phase of the agreement at the beginning of January, added to the market even more optimistic, suggesting that the country is getting closer to a bilateral agreement that would put an end to a trade war.
Earlier, oil prices fell on concerns over the prospects for global economic growth, which is now no longer so relevant. Apparently, in welcoming the prospects for growth in demand for oil and believed hedge funds. As it became known, hedge funds and large speculators in the oil market for the week that ended December 10, bought on the New York Stock Exchange NYMEX contracts for 58.8 million. Barrels, increasing the "long" position of 28%. This is according to Commodity Futures Trading Commission USA.
As a result, net "long" position of speculators (the difference between interest rates on the rise and fall) for the week jumped by 1.5 times - up to 228.4 million barrels.. These significant investments in the oil funds are not made in August 2016, when the OPEC countries and Russia started to discuss a deal to reduce production with the aim of balancing the market and price increases. With that said, be sure to participate in the global game on the increase, especially in anticipation of the change of oil inventories data from the US, which is expected to point to their decline.
Brent BuyStop 65,50 TP 67,70 SL 64,80
Analytical reviews and comments reflect the personal opinion of the authors and are not a recommendation to trade. Author Artem Deev trader analyst AMarkets. Traders community is not responsible for any losses in the case of the review of materials
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