Oil now
The oil market accelerated the decline at the start of the day on the escalation of the US-China trade war. In addition to US $ 300 billion in new trade duties from the United States, China responded by depreciating the renminbi and stopped buying agricultural products from the United States. Therefore, the trade war escalated and the risks of declining oil demand intensified.
Major oil brands are trading lower, showing limited attempts of correction, actually being limited by the August low and the risks of further exacerbation of the trade war.
Look Technical Analysis.
Brent crude is trading at around $ 61.30, a decline of about -0.80% in price.
WTI crude oil is trading around $ 55.20, a decline of about -0.70% in price.
Read also: “The US Dollar Index (DXY) as an auxiliary indicator
for trading in safe harbor currencies”
Dani Leviant
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