The rate of oil is gently rising, but the stock markets has prevented
After yesterday’s collapse, along with global stocks, Brent, having to update the lows around 59,24, rebounded in early trading in Asia, and returned beyond the level of 60 dollars per barrel. Despite the correction, the prospects for further recovery quotes look hazy due to a remaining tension in the stock markets.
Massive flight from risk that swept global of the site at the beginning of the new trading week, undermined the position of black gold. Sellers intensified, laying in a worsening pattern of energy demand because of the escalating trade war between the US and China, especially after the devaluation of the yuan, which fell under the mark of 7.0 in tandem with the dollar.
On Tuesday, the pressure on vysokoporodnyh has weakened somewhat, partly some type of recovery in the Chinese currency due to massive emission of bills of credit in yuan. But given that in recent days, Washington and Beijing are strongly drawn away from a potential transaction, attempts recovery of oil prices and risk assets in General will be low and fragile as long as the trend does not reverse, or at least the situation is not stabiliziruemost.
Some support the market receives from the weakening dollar and expectations of reduction of stocks of oil in the United States for the eighth week in a row. In the current environment, if Brent will be able to gain a foothold beyond the level of 60 dollars per barrel, it will be a small victory a few bulls.
Academy of management Finance and investment