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Business / Finance

Commodity market. Oil sets sights on continued growth

Forex Club 28.07.2017 at 13:19

Several factors support the oil. After the July 24 meeting of the monitoring Committee of OPEC+, hope to achieve a balance of supply and demand has increased. Saudi Arabia plans in August to cut exports of oil. Nigeria may accede to the agreement on the reduction of production volumes.

is Observed positive dynamics of inventory in the United States. Commercial reserves are being depleted faster than expected. According to the latest data, they fell by 7.21 million barrels. So this week on Tuesday and Wednesday we will monitor the data from the API and EIA. Maintaining the downward trend will lead to a rise in Brent. It is possible, given the seasonal factor.

on Monday, the oil will be controlled by data on the number of working drilling rigs. If the second week in a row, even recorded a slight decline, Brent will target traffic to 52,60 and, further, to 55, if inventory will not disappoint.

Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes and do not guarantee results.

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oil, Brent, OPEC, oil production, Forex club

Not found economic events 2017-07-31 on 2017-08-04

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