LONDON BRENT OIL

XBNT
Delayed Quote. Delayed  - 08/07 04:59:53 pm
44.64USD -1.11%

Go back below 60 USD

09/12/2019 | 11:45am
Initiating a technical rebound since the beginning of the month, oil prices suddenly dropped on contact with relevant graphical elements, weighted by the reversal of Donald Trump’s position against Téran. The President of the United States would consider easing American sanctions against Iran, also anticipating the departure of his national security adviser, who was in favour of a hard line against Téran, John Bolton. >
Paradoxically, the many consecutive declines in weekly oil stocks recorded in the United States seem to point to a healthier oil market environment. Nevertheless, it is important to take into account the effects of the significant decline in US crude oil imports, particularly those from Saudi Arabia, at its lowest level since the EIA compiled these data on a weekly basis since 2010.>
Graphically, in daily data, the 100-period moving average stopped buying growth, ending the technical rebound in effect since the beginning of the month. The underlying trend is thus returning to its rightful place, in the direction of a decline. However, it will be necessary to break the support close to 57 USD to release a new potential for a decline towards 53 USD.

Jordan Dufee
MarketScreener.com 2020
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