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Oil

The steady increase in oil prices has been rather predictable recently even if a bit uneventful. Oil seems to have been following the optimism that the US and China are finally moving towards a ‘phase-one’ trade deal that could put to rest concerns over global growth which has hindered any significant gain in prices due to a potential increase in demand. Traders will be watching closely to see if there are any further signs of progress between the world’s 2 largest economies. On the supply front, the usual oil inventory data will be important to watch for any fluctuations in storage levels and subsequently, contribute towards driving further price movements. US API and EIA inventories are released tomorrow and Wednesday.


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