Скачать или смотреть Market Watch. Oil is in the spotlight

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Hi, everybody, it's FIBO Group and you are watching to the Market Watch review.

00:00 | Market Watch. Oil is in the spotlight
00:08 | Oil - the growth drivers
00:44 | A bullish scenario?
01:25 | Price index of expenses in the USA
02:05 | BTC - the accumulation phase

Once again, we are talking about the oil market, which, after a long lull, receives bullish fundamental factors almost daily. It all started even before the United States recorded a really strong decrease in oil reserves, exceeding the forecast by more than 4 times. Then the market received an additional growth driver, in the form of another block of incentives for the economy of China, which is the largest importer of oil. And yesterday, an explosion occurred that damaged a large oil refinery on the Russian Black Sea coast. This followed another strike that threatened Russian oil flows earlier this week.

A bullish scenario?

Given all of the above, as well as the reduced likelihood of a recession in the United States, a bullish scenario in the oil market looks the most logical. But we should not forget that investors reacted with restraint to the previously bullish fundamental factors. Therefore, the stabilization of the situation in the Red Sea, the improvement of weather conditions in the United States, and even more so if it becomes known that the growth rate of China's economy is not accelerating, all this may put pressure on black gold quotes. But until then, American WTI crude oil may continue to grow, towards a strong technical resistance level at $ 78.5 per barrel.

Price index of expenses in the USA

Today, all investors' attention will be focused on the upcoming publication of a report on changes in the price index of personal consumption expenditures in the United States. This indicator is the most accurate representation of price changes, so the Fed pays attention to its release. Despite the projected growth of 0.2% in December, analysts surveyed by Bloomberg predict a decline in annual terms. Therefore, only an unexpected excess of the predicted value can provide additional support to the US dollar and, as a result, weaken the demand for gold. The rise in the cost price index is also a bullish signal for the oil market.

BTC - the accumulation phase

Concluding today's review, let's pay attention to the consolidation of the largest cryptocurrency in a narrow price range. The lack of sales is good news for buyers, but does not exclude the development of a more powerful wave of decline. Bitcoin is trading in a really narrow price range, indicating market uncertainty. As a rule, after strong surges, an accumulation phase occurs, after which the movement often continues in the same direction as before consolidation. Therefore, it is extremely difficult to exclude the possibility of a decline in quotations to the next support at $ 35,600. And only a return above 42,000 will allow us to talk about the return of buyers to the market.


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