Oil is Recovering

Oil is Recovering

The outbreak in China has started to have an impact not only on the sentiment in the markets but also on the global economy and oil demand.

Some factories in China are already shutting down, the movement of people and goods across the country has been limited.

There is even a big question of whether there is going to be an effect on Chinese commitment to phase one trade deal with the U.S.

Oil declined in the last two weeks but currently is sitting on strong technical support, $50 per barrel. Possibly the price might jump upwards as the history repeat itself and $50 per barrel is a strong key level.

Google shares declined nearly 5% in after-hours trading after the company’s earnings report fell short of estimates. Tesla Inc. TESLA stock jumped 20% yesterday establishing a new record high and the largest one-day percentage increase since 2013. The company last week reported better-than-expected results on both profit and sales.

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Oil is Recovering