11.07.2016 - Fall of oil can be resumed after correction
The price of oil is corrected at the beginning of the week after the fall, which was caused by statements about the weakening of oil demand among the Asian countries, the growth of drilling activity in the US, as well as saving the oversupply of oil on the market. According to experts, in August China can significantly reduce oil purchases in connection with the completion of the formation of strategic oil reserves. Additional pressure on crude oil has fear of a decline in oil demand in Europe in the aftermath of the British referendum, as well as the expected strengthening of the US dollar against major currencies. Our medium-term outlook for oil remains negative with the potential reduction by 7-10% in the near future.