The price of oil trying to get back to $62 per barrel

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The price of oil on Friday 8 February to 14.35 GMT. increased by 0.3% to 61,81 per barrel. The market of “black gold” tries to rise and return to the level of $ 62 per barrel. However, there remains a risk of decreasing oil demand due to the slowdown in the global economy.
This is supported by the statement of the President of the United States Donald trump about what has been discussed in the media his meeting with Chinese President XI Jinping, which could be concluded a trade agreement, not yet assigned.
CNBC, and even stated that before the deadline of March 1 meeting trump and XI Jinping would be unlikely. Thus, from the beginning of spring is likely to increase mutual trade duties the two largest global economies.
Meanwhile, the volume of proved oil reserves in Mexico has fallen over four years, more than 1.5 times to 6.46 billion at the beginning of 2018. A similar situation exists with the gas reserves in the country. With 468,3 billion cubic meters in 2014, they fell to 283,7 billion in 2018. This correlates with the steady decline of oil company of Mexico Pemex. In 2018, it decreased by 7% to 1,813 million barrels a day, and over the past six years, the figure dropped to 29%.
The pair Euro-dollar remains slightly below the level of 1,135. Investors fear the economic slowdown in the Eurozone after the European Commission has significantly reduced the forecast growth for the current year to 1.3% from 1.9% expected this autumn. The forecast for inflation in the region was also lowered to 1.4% from 1.8%.
By 14.35 GMT, the Euro is almost unchanged from the start of trading on the last fixing and was 1,1338 dollar.
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Ivan Marchena,
Analyst
GK Forex Club