Crude oil futures on July 17 are declining. Initially, Asian transactions had a sharp rise in favor of US President Trump’s guideline for resuming the US economy, but disliked the contents of China’s first-quarter gross domestic product (GDP) announced thereafter. Turned down.
The sharp fall of US WTI crude oil futures in the near term is due to the fact that the deadline is approaching the 21st and crude oil stocks are rapidly accumulating.
“The market is anticipating a rapid build-up of US crude oil inventories as refineries continue to decline significantly,” said Bjornar Tonhaugen, oil market director at Leistad Energy.
China’s National Bureau of Statistics announced on the same day GDP in the first quarter decreased by 6.8% year-on-year, the first negative since 1992 when the quarterly statistics were traced back. It was heard that the factory, transportation, and shopping malls were closed due to measures to control the spread of new coronavirus infection.
Crude oil seemed to settle around $ 20, but it fell sharply. First, I think 21 days, which is the deadline for crude oil futures, is a standard, but this sharp fall is quite negative to the stock price.
From that, consider selling US stock S & P500 (CFD).
Stop is $ 2896.00