Brent Crude Oil Price Forex
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Oil Price Fundamental Daily Forecast – Traders Still Searching for Value Zone. West Texas Intermediate and international benchmark crude oil futures are trading lower on Friday. Crude oil prices fluctuate based on a variety of factors including natural disasters, political factors and fluctuations in the currency markets. Binary options zero risk management. Likewise, oil prices also affect the Forex market, and therefore, it’s hardly surprising that many Forex traders also keep an eye on crude oil prices, and many even trade crude oil as a way to diversify their trading.
Current trend This week, oil prices were corrected upwards within a two-month downtrend. The instrument is supported by investors' hopes for USA-China agreement at the meeting of the counties’ leaders at the G20 summit at the end of this week. Yesterday, Trump said that he could impose increased duties on all the remaining Chinese imports totaling $267 billion but today the White House economic adviser Larry Kudlow said that the president considered that there was a good possibility that they can make a deal.
Price recovery may not be long since the external background of the oil market remains negative. According to API, the US oil reserves increased by 3.453 million barrels, which EIA report is expected to confirm today. Meanwhile, Saudi Arabia increases production, which, according to President Trump, is being done at his request. At the next OPEC meeting, the organization may decide to reduce the production, but an increase in US shale oil production can balance it rapidly. Support and resistance Currently, the price is around 60.50.