Oil snaps 3-day losing streak amid muted optimism surrounding US-China trade talks   

27 August 2019 : Brent Oil is currently trading around $59/bbl, even as it breaks a 3-day losing run. The near-term upside for Brent futures appears capped at $61/bbl, a key resistance level in recent weeks, given the escalated fears over a global recession.

Barring a sudden thawing in US-China trade tensions, the barriers to global trade are set to be raised next week, which could see the pace of global growth shifting another gear lower while dampening demand for Oil. Brent’s performance over the coming months is expected to remain highly sensitive to developments surrounding the US-China trade impasse, as demand-side uncertainties threaten to upend the ongoing OPEC+ supply cuts programme.

Source: FXTM Market Analyst Han Tan

Reporting for EasyKobo on Tuesday , 27 August 2019 in Lagos, Nigeria

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