flag-gb flag-my flag-zh flag-id flag-th flag-vi

Oil prices remain in the green zone on Tuesday

Oil price dynamics are positive due to a decrease in oil production in the Gulf of Mexico and a positive outcome of negotiations between the US and China.

 

A severe tropical storm forced oil companies to shut down 82% of offshore oil production in the Gulf of Mexico. Oil production fell by 1.5 million barrels per day, which is about 14% of the total production in the United States. Forecasts predict bad weather in the region throughout the week.

 

Discussions between US Trade Representative Robert Lighthizer, Treasury Secretary Stephen Mnuchin and Chinese Deputy Prime Minister Liu He concluded this morning. During the videoconference, the parties discussed the terms of the interim trade agreement. Representatives of the United States and China assessed the negotiations as constructive. The parties discussed the possibility of creating more favorable conditions for the implementation of the first phase of the trade agreement.

 

Today in the economic calendar investors should monitor the publication of API data on US oil reserves. Experts expect a reduction in stocks for the fifth week in a row. If market expectations are confirmed, oil prices may continue a moderate upward movement.

 

Regarding the chart, the situation practically did not change during the day. Trades are still constrained in the flat channel with borders at the levels 41.80-43.20. Within the flat trend, we can expect the development of a moderate upward movement to the level of 43.20.

 

  • Resistance levels: 43.20, 43.75, 45.00.

 

  • Support levels: 41.80, 41.40, 40.40.

 

The main scenario - an increase to 43.20.

 

An alternative scenario - a decline to 41.80.

 

The current fundamental outlook is neutral. We consider both longs and shorts from the borders of the 41.80-43.20 channel.

Latest news

Deposit Bonus 200%

2021-04-13 10:05:09

Only from April 12, 2021, to May 14, 2021, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of […]

Reduced spreads for popular pairs

2021-02-11 15:07:39

FortFS wishes all traders a Happy Chinese New Year! Only from February 8 to March 12, 2021, we reduce spreads for the 4 most popular trading pairs. New values*: EURUSDf: 0.8 GBPUSDf: 0.9 USDJPYf: 1.0 XAUUSDf: 3.5 *These values are valid only for FLEX accounts Hurry up to take advantage of the offer! Learn more about spreads: https://www.fortfs.com/clients/specifications