Oil suppressed the instability in the world
Monday turned out to be bad for the oil market. Attempts to continue the recent rise was a failure – the growth of Brent drew of the sale and again fell under the mark of 60 dollars per barrel, registering a decent intraday losses.
The geopolitical factor in the form of tension in the middle East market does not provide adequate support. This suggests that investors are puzzled by the worsening of the fundamental market conditions.
Stocks are rising in all key regions, as in the consumer countries, and in exporting economies. By the way, last month’s total oil reserves increased by approximately 40 million barrels, exceeding the levels in 2018 more than 90 million barrels, while oil reserves in OPEC countries exceeded the level of November last year.
Add to that the concern of market participants about cooling global demand for black gold due to trade wars that would undermine the growth of the world economy, and the picture is really disturbing. Thus, in the short term, investor sentiment, apparently, will remain depressed. In favor of a negative scenario and says the technical picture – the last time Brent attempts to break the mark of $ 63 lead to the rollback, and the integrity key level of $ 60 has been repeatedly violated.
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