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In the past few weeks, the black gold market is in a fever. He is under pressure from a number of factors, having difficulty maintaining balance. Many experts believe that oil has almost no reason for optimism.
Analysts believe that the reasons for the imbalance in the black gold market are instability in the global financial sector, an increase in oil production by OPEC countries, as well as natural disasters, such as Hurricane Dorian. As for the countries of the cartel, oil production has increased significantly here at the moment. In August, OPEC + produced about 29.99 million barrels per day, which is 200 thousand more than the output in July this year. An increase in oil production was recorded in Russia, amounting to 134 thousand barrels.
One of the key threats to the oil market remains the escalation of the US-China trade war. In the event of a worsening situation, the oil market expects strong price drops. As a result, investors will again begin to look for safe assets, which will upset the delicate balance in the black gold market.
Market participants are also worried about the potential slowdown in the Chinese economy. If its growth slows, analysts are sure that oil demand will drop sharply. Recall that China is the world's largest consumer of raw materials. Last year, China acquired 461.9 million tons of Hydrocarbons.
The black gold market is currently updating August lows. He is under pressure amid concerns over the overproduction of raw materials. Experts believe that oil is more likely to decrease than growth.
In the short term, analysts are convinced that the bulls may lose. They predict a further drop in oil prices. If Brent crude oil exceeds $58, the new "bearish" target will be the line of $57.50. Note that at the moment it is trading in the range of $59.09– $59.15 per barrel. In the medium term, the situation is better: experts believe that quotes can be fixed in the range from $55 to $62 per barrel. Analysts rated the long-term outlook as minor with a high probability of decline to $50 per barrel.
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