WTI oil declined in price to the support level of $68 per barrel.
On Tuesday morning, raw materials rose in price against the background of strong statistics from China. In January–August, China's exports increased by 33.7% compared to the same period last year and amounted to $ 2.09 trillion. Imports also increased by 34.8%, to 1.73 trillion. Thus, the total volume of China's foreign trade in the first eight months of this year in dollar terms increased by 34.2% and amounted to $3.82 trillion. Strong statistics from China, the largest importer of oil, reduces concerns about demand for raw materials. But the situation with the coronavirus remains unfavorable, which reduces the appetite for risk. In addition, the pressure on oil quotes is exerted by the growth of the dollar. With a more expensive US currency, oil becomes less profitable for holders of other foreign currencies. Nevertheless, the main trigger in the oil market remains the high uncertainty associated with the coronavirus, despite the strengthening of fundamental indicators and the decline in oil reserves in the OECD countries.
The forecast assumes a further decline in the price of WTI oil to the levels of 67.7, 67.5 and 67.2 dollars per barrel.