Oil gains balance and begins to grow


On Monday, November 26, experts estimate the overall trading background in the global market as moderately positive. The cost of oil is gradually rising after the collapse at the end of last week, experts say.

According to analysts, the signals received from world stock exchanges indicate an improvement in the situation. Last Friday, trading on the US stock exchanges ended with a decrease in key indices by 0.5-0.7%. The collapse of the indicators occurred against the backdrop of falling oil prices and weak statistical data on business activity in the services sector and industry. "Fuel to the fire" poured and concerns about a possible slowdown in the global economy.

Currently, the global market is regaining lost ground. Futures on the S & P 500 index went up by 0.6%, trading on European exchanges also inspire optimism to investors. Index EuroStoxx 50 increased by 0.3%, recovering from a decline. At the Asian auction, experts fix multidirectional dynamics. Japanese Nikkei 225 added about 0.8%, while Chinese indices fell 0.1-0.4%.

Black gold quotes added about 1.5-2% after the collapse at the end of last week. Brent oil prices are trying to gain a foothold at around $ 60 and step over it, and WTI oil prices are going to be above $ 51 as part of the correction. Market participants fear an oversupply of supply and a slowdown in demand, while there are no signals about a possible reduction in oil production from OPEC +.

Experts consider the publication of the IFO business optimism index for Germany in November 2018, as well as speeches by several representatives of the European Central Bank (ECB), to be important macroeconomic events on Monday.

This week, information related to the US consumer confidence index, as well as the US housing market, will be of great importance. Experts propose to pay attention to the minutes of the Fed meeting, the index of business activity in the industry and the service sector in China, as well as the upcoming G20 summit. Recall that this event will be held from November 30 to December 1 in Argentina. The summit is expected to meet the leaders of the United States and China. American and Chinese leaders will try to resolve trade disputes and reach a compromise.

The material has been provided by InstaForex Company - www.instaforex.com