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Oil price falls contrary to general optimism in stock markets

On Monday, Brent tried to rally, reaching $ 52 a barrel, from where it slipped into negative territory. As a result, quotations closed slightly below the level of $ 51, which is being tested today in morning trading, continuing to show a narrowing of the trading range before the New Year holidays. The dynamics of oil prices went against the behavior of shares on world markets, where investors sent indexes against the background of the signing of a package of fiscal stimuli in the United States. to record highs. The reason for Brent’s restraint lies in the anticipation of an increase in production by OPEC + countries by 500 thousand barrels per day since January. Russia poured fuel on the fire, citing an “optimal price range” and indicated that it would favor a further gradual increase in production at the next meeting of the alliance in January. Brent positions look very stable, but the market is definitely having difficulty developing an upward momentum due to the caution of players at the end of the quarter and the year, as well as due to the lack of pronounced growth drivers, while the weak dollar factor alone is not enough to push the barrel to new highs beyond the $ 52 level. In the short term, Brent is likely to continue to consolidate in within the usual range, oscillating around the 51 dollar mark. The nearest important support is the $ 50 level, where the 20-day moving average passes .__________________ Arseniy Dadashev, Director, Academy of Finance and Investment Management

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