Oil is trading in a narrow corridor of $77.50-78.50 per barrelStock market analytics, financial forecasts
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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

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Oil is trading in a narrow corridor of $77.50-78.50 per barrel

July, 11 2023
watermark Economic news

Oil prices are rising on Tuesday due to the introduction of new measures to support the real estate market in China, the problems of which are exerting a restraining influence on economic growth in the country.


The current Brent quote is $78.05 per barrel. At the moment, the price reached $78.35. North American WTI oil shows similar dynamics, fluctuating from the range of $73-74 per barrel.


The People's Bank of China will expand its support program for developers, including encouraging banks to issue loans to representatives of the sector to complete housing construction.


This week, the dynamics of the oil market will depend on a number of economic data and the content of the monthly reports of OPEC and the International Energy Agency (IEA). 


Analysts note that the US inflation data, which will be published on Wednesday, will help determine the direction of the market in the short term, as they will show what to expect from the Federal Reserve in the coming months.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.