Oil in the direction of the second week rallied on the rise
2019-01-11 11:32 am | Resource: News | No Views : 64
Oil prices rose on Friday. Both Brent and WTI are still on track to achieve their second week of gains. , Reflecting optimism that the United States and China could reach a reasonable trade deal before the March 2 deadline. After gaining yesterday gains for the ninth consecutive session in the longest series of gains in nearly 9 years.
Prices are still supported by the hope that a comprehensive trade war between Washington and Beijing could be avoided.
The three days of US-China talks are aimed at ending a costly tariff battle that covered Wednesday in an upbeat atmosphere. China's Ministry of Commerce said the two sides had held a "thorough, thorough and detailed exchange" on trade issues, including structural issues. Factors. Other negotiations are likely to continue this month.
On the supply front, production cuts approved by OPEC and its allies are on track to balance world oil markets in the first half of 2019.
Traders are waiting for the Baker Hughes report to be released on Friday, showing the number of platforms operating in the US and Canada during the week
Markets are eyeing the results of the Organization of the Petroleum Exporting Countries (OPEC) and its allies' plan to cut supply surpluses as OPEC-led crude production cuts have boosted supplies. Nymex is heading for a weekly gain of 9.5% and Brent crude is up 7.8%.
- Brent crude rose 0.6 percent to $ 62.05 a barrel.
- While the WTI crude futures rose 0.8 percent to 53.01 dollars a barrel
(CURDE OIL - WTI ) Time frame Used - four hours Oil is moving in a sideway direction in the near term. Oil is still facing resistance and selling pressure around the 52.50 - 53.37 levels, but is still consolidating at a high of 50.33. In view of the technical indicators Both the RSI and Stochastic are indicating to decline of the indicators. Therefore, we expect that the oil…
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