Oil prices edged down on Monday as rising corona virus cases and tensions between the United States and China pushed investors toward safe-haven assets. The fall in oil mirrored moves in broader financial markets in Asia amid concerns about escalating tensions between the world’s two biggest economies following the closure of embassies in Houston and Chengdu. Global corona virus cases, meanwhile, exceeded 16 million. Still, Brent is on track for a fourth straight monthly gain in July while WTI is set to rise for a third month as unprecedented supply cuts from the Organization of the Petroleum Countries and its allies including Russia, as well as in the United States, propped up prices.
China’s crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices tumbled, cementing the kingdom’s position as the top oil supplier to China.
Imports from Saudi Arabia rose to 8.88 million tones in June, or 2.16 million bpd, in June, according to data from the General Administration of Customs on Sunday. Investors are also watching for any impact from storm Hanna which battered the Texas coast over the weekend, threatening heavy rains in Texas and Mexico.
TREND : WEAK BULLISH / SIDEWAYS
Time : 27/07/2020
Pivot : 41.16
Technical View : LONG ABOVE 41.36
Target : 41.56, 41,69, 41.96
Technical View : SHORT BELOW 40.96
Target : 40.81, 40.63, 40.42