Oil continues to maintain a tendency to fall

Oil prices on Tuesday continued to fall, caused by a statement by US President Donald Trump that he “called” OPEC and urged the cartel to increase production to reduce gasoline prices in the United States.
Futures for WTI crude fell by 0.2% to $63.46, while futures for Brent crude fell by 0.2% to $71.38.
On Monday, prices rose slightly after OPEC Secretary General Mohammed Barkindo denied the fact that he had a telephone conversation with the president. The president later tweeted that he had spoken to representatives of Saudi Arabia.
Bank of America Merrill Lynch said in a research note that “Iranian oil production in the second half of the year will be reduced to 1.9 million barrels per day from 3.6 million barrels in Q3 2019 as the United States enters into full force.” Despite this, the bank predicts "almost complete achievement of a balance in the market in 2019," since production in OPEC, as well as the United States, will grow.
Meanwhile, data on business activity in China were lower than forecast, which negatively affected investor sentiment and put pressure on oil prices today.
Caixin/Markit's manufacturing activity index was also below expectations.
If the trend continues, prices will continue to decline. Experts emphasize that if the API reads the data higher than expected, then the WTI benchmark can greatly drag Brent down with them even more.
The information above cannot be considered as an investment advice and past results do not indicate future performance.
**Investors should have experience and understand the risks of losing all the initial investment.
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