Oil recovers from earlier declines

Oil has been trading as much as 3% lower earlier today. Crude prices were under pressure after disappointing trade data from China showed bigger-than-expected weakening in demand for Chinese goods as well as in the Chinese economy. However, declines were halted in the early afternoon and bulls started to take over. Daily drop has been almost completely erased by now with Brent and WTI trading just 0.3% down on the day.

Saudi Arabia said today in the afternoon that it will continue to support OPEC+ precautionary efforts to ensure stability in oil markets. However, as there was no immediate market reaction to this statement it is hard to say whether it was the cause for the reversal in the oil market.

WTI (OIL.WTI) almost completely recovered from earlier declines and is once again testing $82-83 resistance zone. A break above this zone would clear the way for a potential test of the $86.50 swing level. Source: xStation5

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