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Oil is trading in red with weak retail growth in China

2019-02-11 08:32 am | Resource: NEWS | No Views : 55

 Standard oil delivery prices fell on Monday, as a low-level US delegation was preparing to meet with its Chinese counterparts in Beijing for preliminary discussions ahead of the next round of comprehensive bilateral negotiations. Traders showed concern about the outcome of the talks, but also because of the fall in retail sales growth in the nation's largest population last week, during the Lunar New Year holiday.

Official data showed that its size remained strong at 8.5 percent to 1.01 trillion ($ 149 billion), but the rate fell 1.7 percentage points to its lowest level since 2005, when the government began tracking it.

  Baker Hughes rising US oil platform by 7 to 854
  • The number of oil platforms in the United States rose by 7 percent in the week ending February 8, to 854 from 847 last week, Baker Hughes said on Friday. On an annualized basis, there were more than 63 oil diggers and 11 gas drilling machines.
  • There are three less gas rigs in the same week, up to 195, in the United States.
  • In Canada, the number of oil rigs fell by one to 158
  • While the number of gas drillings 82, less than the previous week. Year after year, Canada lost 63 oil platforms and 22 gas platforms in the latter

IMF representatives expressed growing concern about the health of the global economy. Market participants also follow developments in the US Congress, where Democrats and Republicans fail to agree on spending legislation on border security.

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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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