- Análisis
- Análisis de mercado
- Opiniones de mercado
- Oil prices at crossroads
Oil prices at crossroads
Brent oil prices continue to slide from strong resistance level of $66 per barrel to this year lows of $64. International energy agency (IEA) released a forecast for 1H2020 with a surplus of 1 mln barrels per day that keeps the prices at their lows.
A new negative factor for the oil market is the outbreak of a new strain of coronavirus (2019-nCoV) in China. Although the massive worldwide outbreak of the virus is unlikely Goldman Sachs estimates the virus could wipe out 260,000 bpd demand from the oil market in 2020. "Such a demand impact (without an OPEC supply response) would point to an only $3/bbl impact on oil prices, although the initial high uncertainty could lead to a larger sell-off, as was the case in March 2003", said Goldman.
The market is looking for an oil reserves and production data in the United States due to be released Jan. 23. The continuous growth in US oil production reached 13 mln bpd. Further growth could put additional pressure on oil prices.
On the other hand unfolding military conflict in Libya continue to disrupt oil supplies from the country worth 800,000 bpd. OPEC+ agreement on oil production cuts is extended at least for 1H2020 and is partially offsetting the excessive world supply. Bank of America estimates oil demand to rise by 1.1 mln bpd. That could lower the surplus to only 190,000 bpd this year. Demand for fuel is seen elevated in coming spring and driving season. That could support oil prices.
Technical picture points at strong support level for Brent oil at $63 (Dec 2019-Jan 2020 lows). Investors could consider the possibility the price could bounce from this level and move higher to $66-67. In alternative scenario the price may break the resistance level and slide to $60,5-$61.
Disclaimer:
Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or investment advice by TeleTrade.
Indiscriminate reliance on illustrative or informational materials may lead to losses
©2000-2024. Todos los derechos reservados.
El sitio es administrado por Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
La información presentada en el sitio, no es una base para tomar decisiones de inversión y es proporcionada sólo con fines informativos.
La empresa no atiende ni presta servicio a clientes residentes en Estados Unidos, Canadá y los países incluidos en la lista negra del FATF.
La realización de operaciones comerciales en los mercados financieros con instrumentos financieros de margen, abre grandes oportunidades y permite a los inversores que estén dispuestos a correr riesgos a obtener altos rendimientos, pero al mismo tiempo conlleva un nivel de riesgo de pérdidas potencialmente alto. Por lo tanto, antes de comenzar a comercializar, se debe tomar de manera responsable a la cuestión de elegir la estrategia de inversión correspondiente, teniendo en cuenta los recursos disponibles.
Uso de información: al usar completamente o parcialmente los materiales del sitio, el enlace a TeleTrade como fuente de información es obligatorio. El uso de materiales en Internet debe ir acompañado de un hipervínculo al sitio teletrade.org. Importación automática de materiales e información del sitio está prohibida.
Para cualquier duda o pregunta, póngase en contacto con pr@teletrade.global.
transferencias bancarias
