On Tuesday, oil prices rise thanks to the weakening of the dollar and the publication of encouraging macroeconomic data from China
Today, the dollar has fallen to its lowest level since April 2018, driving the price of all commodity assets higher. They are becoming more attractive to global buyers.
A good driver for the growth of risk appetite was the data on the PMI of the Chinese manufacturing sector from Caixin Media Co. In August, the indicator rose to 53.1 points, which is almost the highest value in the last ten years of observation. The growth of the indicator was provided by strong domestic and foreign demand, as well as the acceleration of production rates. Investors hope that the recovery in production will be accompanied by an increase in demand for energy. China is one of the largest consumers of raw materials in the world.
In anticipation of the publication of data on US reserves from API, a Reuters poll showed that analysts expect a decrease in inventories by 2 million barrels (-4.524 million barrels last week), gasoline reserves by 3.6 million barrels, distillate stocks by 1.5 million barrels.
The price remains flat at 42.60-43.75. The lower border of the flat was tested yesterday. Today we expect the quotes to rise to 43.75.
The main scenario - an increase to 43.75.
Alternative scenario - a decline from current levels to 42.60 and a breakdown of this mark.
The current fundamental outlook is moderately positive. We consider longs near the level of 42.60.
Only from November 02nd, 2020, to January 04th, 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 […]
Only from 23 to 25 of November, the largest no deposit bonus 100 USD is available for all Forex traders! 🏆 Bonus details: 100 USD maximum withdrawal 75 lots of required trading turnover 2 weeks to try all of the trading conditions Available for cent accounts 📍 How to get the bonus: 1) Register an […]