OIL
Brent oil prices are trading flat as the European session gets underway, as the overnight release of disappointing economic data from China capped the upside generated by reports that the US is planning to refill its strategic reserves. News that the United States will refill its Strategic Petroleum Reserve, should prices fall to $70 per barrel, boosted prices, as global markets priced-in the anticipated increase in oil demand. However, the rally soon ran out of steam, as Chinese economic data revealed lower-than-expected figures for industrial production and retail sales, forcing oil traders to reassess their forecast for future oil demand from the world’s top oil importer.
Ricardo Evangelista – Senior Analyst, ActivTrades
Source: ActivTrader
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