Oil completes semi-annual growth strong decline to $67

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The price of Brent crude oil dropping below$71,50 Wednesday, actually came from the six-month rising trend. On Thursday, the fall accelerated, the price reached a two-month low of $67 per barrel and oil prices officially entered the downward trend.
We can say that the last week and a half of oil was kept in an uptrend only thanks to the regular force majeure with oil trakosopoulou Arabia. But once these “unexpected”events cease, Brent immediately approached critical for the growing trend of point in $71,50.
Further,sharply higher oil inventories in the United States, together with the deterioration in us-Chinese trade war on Wednesday,pushing the quotes below the critical point $of 71.00.Here it was still possible to stop the fall of prices, but on Thursday, it was published “crisis” data on business activity in the German and in the American manufacturing sector, which was the trigger to the 5% collapse of quotations.
It was therefore likely that in the nearest metacriteria prices will continue to fall towards $60 per barrel for Brent, at least until OPEC+ confirms its commitment to limit production, prolonged the agreement at the end of June. Well, in the short term, oil prices are waiting for increased turbulence. Within the present day,Brent will probably be trying to get back to $69,00 per barrel, and then again go in the direction of $67,00.
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Anton Bykov,
Chief analyst,
OOO “CAFT” (Center Analytics and financial technology)