Course oil desorientacion external factors
On Thursday, oil prices tried to continue to rise, moving the highs of late may, the district 67,60 per barrel. However, to consolidate the success of the futures and failed traders prefer to systematically take profits on industry emergence of conflicting signals.
Initially, the market got decent support from the weak dollar, soft rhetoric of the fed, the news about the hurricane in the Gulf of Mexico and positive report on energy stockpiles.
But in the second half of the day the pressure on the American currency weakened on positive inflation data in the US, and trump has to remind the markets that the trade confrontation with China continues. The leader of the White house complained that Beijing does not keep its promises to buy products of agro-industrial complex of America.
Oil poured into the fire, a disappointing OPEC forecast for 2020. The cartel expects to maintain a surplus global supply, the main culprit of which is the United States. Rising supply outside OPEC is expected to reach 2.4 million barrels per day, which is twice the expected growth in demand.
From a technical point of view, the closure of Brent below $ 67 dollars says the unwillingness of buyers to explore new frontiers. However, the fact that futures meet demand on dips, says some stabilization of moods. Thus before the onset of the weekend profit-taking may continue, if from the Gulf of Mexico not received disturbing news about the larger disruptions in production.
Academy of management Finance and investment