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Oil prices diverge as global growth worries rise

2019-02-08 11:12 am | Resource: NEWS | No Views : 79

 Oil prices mixed on Friday amid growth fears after the European Commission sharply reduced its forecast for economic growth in the euro area this year and next.

Trump, Venezuela's envoy, rejects dialogue with Maduro

US special envoy Donald Trump of Venezuela, Elliott Abrams, on Thursday ruled out further diplomatic cooperation with disputed Latin American President Nicholas Maduro, saying it was time for such a "long time" dialogue. Speaking at the State Department press conference, Abrams urged other countries from now to communicate with the Venezuelan interim president announced by Venezuela's Juan Guido.

Abrams said Meduro's "end game" was to leave power and added that it would be a mistake if the country did not move towards a "free and democratic government" in the near future. The diplomat also announced that the United States was imposing a visa ban on members of the Venezuelan Constituent Assembly, a body controlled by Maduro in 2017 to draft a new constitution.

Trade negotiations

Investors are also considering the prospects for US-China trade talks after US President Donald Trump said he had no intention of meeting with Chinese President Xi Jinping ahead of March 1 for a trade deal. The prospects for growth in fuel demand have been dampened by slowing world growth and concern over a unresolved US-China trade dispute.

At the same time, OPEC-led supply cuts and US sanctions against Venezuela are helping to curb the decline in the oil market.

US Treasury Secretary Stephen Manuchein and other US officials will travel to Beijing next week to continue negotiations after US President Donald Trump and Chinese President Xi Jinping agreed to a 90-day tariff truce in December.

There is uncertainty about the result, as both sides have made little progress so far.

Oil contracts

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Best Opportunities, Vision and Technical Analysis for The Oil 22 February 2019

  (CURDE OIL - WTI ) Time frame Used - four hours Oil is moving in a bullish direction in the near term. The Bulls managed to push the oil movement back to the upside again to hit the important resistance level 56.06, trying to breach the resistance level 56.06 to higher. In view of the technical indicators Both the RSI and the Stochastic are indicating to the arrival of…

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