Brent oil continues its decline, resuming the "bearish" trend and losing 3.5% of its value. Commodity asset quotes fell to $ 60.30 a barrel for the first time since November 2017. In just a week, Brent fell by 9%. The cost of WTI crude oil lost 4.16%, falling to $ 52.34 a barrel.
Analysts expect a further collapse in prices, as quotes during the day fell below the support level of 38.2% Fibonacci ($ 62.27 per barrel), which is a signal of further price reduction.
There are several pressure factors on Brent quotes. First, it is the nervousness of the market on the eve of the OPEC meeting in early December. Market participants do not receive specific signals from the organization about future plans to reduce oil production in 2019, which leads to sales in the oil market.
Secondly, Donald Trump's statements regarding relations between the United States and Saudi Arabia also put pressure on the oil rate. The American president said he did not intend to end successful partnerships with Riyadh and plans to further reduce the cost of oil on world markets with the help of the Saudis.
The material has been provided by InstaForex Company - www.instaforex.com