The rate of oil is 60.74$ after the abolition of trump duties

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Yesterday’s trading in the oil market was marked by the most powerful since the beginning of the year intra-day growth of quotations. Players massively liquidated short positions that led to the rise of the oil price above $ 61 a barrel, just below where you ended the auction. In the morning session Wednesday quotes moderately adjusted down.
The reason for the return optimism on the commodity platform offered a good news from the trade front. Trump has decided to delay the introduction of tariffs of Chinese goods until 15 December, which, coupled with talk about the resumption of negotiations two weeks later resulted in a massive return of interest in buying risky assets.
If negotiations do get out of the impasse, the fundamental picture in the market of black gold will improve considerably. While it is too early to draw far-reaching conclusions, especially knowing trump, who is known for his sudden decisions and statements. At least at this stage, we can talk about the improving technical picture, if the rate of Brent will lose points and will be able to gain a foothold over the region of 50-60 dollars per barrel.
Meanwhile, industry statistics are not pleased with the players. The API report reflected the increase in crude oil inventories by 3.7 million barrels against expectations for a decline of 2.5 million Well and increased gasoline stocks, which somewhat tempered the ardor of buyers, who took a break after the emotional surge of purchases and before the publication of the official report of the energy Ministry. If the release point to increase reserves and production, depending on the extent of growth in the price of oil may go under the mark of 60 dollars per barrel.
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Gennady Nikolaev
Expert
Academy of management Finance and investment