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Brent to Trade $58-59 per Barrel

Today’s oil prices are down. Brent oil at 11:00 EET was trading at $58.20 per barrel. The price of WTI with August delivery is $52.81. By yesterday’s close, North Sea oil on August contracts was trading at $58.66 per barrel, whilst light crude was going for $53.27 a barrel.

Iran and the G6 didn’t hold a press conference to announce the conclusion of an agreement. This will probably take place after the UN resolution. The text of the agreement has been handed to the UN today and the Security Council will look over it next week. For the meanwhile, the market is full of rumours that oil is trading in a sideways trend. Over the course of the day, support for quotes will come from positive statistics from China, according to which the country’s GDP in Q2 rose by 7% YOY.

Brent will trade $58-59 per barrel throughout the day, whilst WTI will be trading $52-53.50.

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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