Today, the markets remain optimistic, equities are showing growth around the globe. Markets are supported by the news that China may revise its “Made in China” development program as an obvious concession to the US, and in addition the news broke that China bought 2 million tons of soy. These are positive points for the market. British Prime Minister May endured a vote of confidence in her party, and the pound recovery was extended. Italy proposes a budget deficit of 2.04% in the EU. Improvements from the initial forecast of 2.4% may be enough to prevent an excessive shortage of procedures. European stocks are trying to extend their two-day increase. The US dollar continues to trade strongly, being near two-year highs.
Oil is again under pressure, data from the US Department of Energy on reserves could not meet market expectations. The volume of decline in reserves for the week amounted to only 1.2 million barrels, which is worse than the forecast values and much worse than the data published earlier in the day by API. Against this background, quotes very quickly returned to the value of $ 60 per barrel, where the main trading takes place today.
At the same time, there are news on the market that support oil prices and contribute to maintaining the current range of trading. According to the first outlined optimism in the US-China trade negotiations, investors have seriously raised investor interest in risky assets. Separately for the oil market, these negotiations are important from the point of view of assessing the prospects for the development of the Chinese economy, since this country is the largest consumer of energy resources in the world. Resolving trade contradictions can improve forecasts for the growth of the entire global economy, which will also have a positive effect on the level of demand.
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