OIL
Brent oil prices stabilized and even hedged lower during early Tuesday trading, halting the rises of the last five sessions. Over the last week, supply side concerns supported the price of the barrel, with little spare capacity in the market and doubts over how much crude and related products Russia will be able to export. However, these supply worries started to fizzle out, following reports from China revealing a drop in oil imports during the first two months of the year. The impact of these figures was sufficient to give oil traders some food for thought, as a slowdown in demand from China could offset any upside created by the diminished presence of Russian oil in the global markets.
Ricardo Evangelista – Senior Analyst, ActivTrades
Source: ActivTrader
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