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Oil trading stabilizes as concerns over slowdown in US

2019-03-25 11:38 am | Resource: News | No Views : 58



 Oil prices settled slightly lower on Monday as fears of a sharp economic slowdown overwhelmed investors' optimism over OPEC-led supply cuts and US sanctions on Iran and Venezuela. Baker Hughes said on Friday that the number of American excavators - for the fifth week in a row - fell by 9 to 824 last week, easing fears of rising US production.

However, the downside in the oil market has been constrained by tight supply and US crude inventories.

 Concerns about growth in the United States and Europe

As concerns over growth persisted after the US Federal Reserve cut its forecast for inflation and growth last week due to the continuing adverse winds of trade tensions with China and increased political fragmentation. Meanwhile, 10-year Treasury yields fell three-month interest rates for the first time since 2007, increasing the chances of the United States entering a recession.

Hanson of the European Central Bank: The eurozone may continue to slow in the medium term

European Central Bank (ECB) Governing Council member Eduard Hanson said on Monday the continuing economic slowdown in the eurozone could continue in the medium term.

The ECB has already said in February that the slowdown in growth in the euro area, from 0.4% to 0.2% in the last quarter of 2018, was due to weak external demand and is likely to continue in the near term. The European Commission has also lowered its GDP growth forecast for the next two years, but said it will rebound gradually in the second half of this year and 2020.

 Oil contracts
 
  • Brent crude fell 0.25 percent to $ 66.58 a barrel.
  • WTI futures fell 0.1 percent to $ 58.98 a barrel.


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Best Opportunities, Vision and Technical Analysis for The Oil 17 April 2019

(CURDE OIL - WTI ) We offer you oil analysis denominated by US dollar on Wednesday, April 17, 2019, with the most important forecast for the price of oil denominated by US dollars in the market. Time frame Used - four hours Oil is moving in a sideway direction in the near term. The purchasing power managed to push oil higher to close at the end of trading today, rising…

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