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Venezuela is a member of the Organization of the Petroleum Exporting Countries (OPEC) and has been impacted by the plunge in oil prices. , the country’s economy is in a serious crisis and faces a heavy debt repayment burden. The agreement has given Venezuela a sigh of relief. Perez said conditions including loan time frame, investment amount and non-financial aspects have been offered. The socialist government of Venezuelan President Maduro is facing economic recession, material shortages and dwindling oil revenue. The market is paying attention to whether China will lend a helping hand to Venezuela. In the past year, China provided Venezuela with approximately US$100 million in loans.
At the beginning of the Asian market on Tuesday (July 2), oil prices fluctuated slightly, with crude oil futures trading at around .USD/barrel and Brent crude oil futures trading at around .USD/barrel. The interruption of crude oil supply in Nigeria and Venezuela has led to a change in the attitude of major crude oil short sellers such as Goldman Sachs. Goldman Sachs said that the oversupply situation that has lasted since this year has reversed for the first time. International oil prices have soared, rising nearly to the US dollar.
In addition, Libya’s oil production reached 10,000 barrels per day before the year, but ongoing strikes and attacks on oil facilities have caused its production to drop to less than 30,000 barrels per day, the lowest level among OPEC members this year. The country is divided into two governments, the east and west. The west is recognized by international oil trading giants Glencore and Vitol. However, it suffers from the fact that the oil fields and the important port of Hariga are controlled by the eastern camp. The two sides have blocked each other, which has caused previous supply disruptions. The Vienna peace talks were finally reached on Monday. unanimously, promising to resume crude oil exports from Hariga Port within three days.
On the daily moving average, it can be seen that the Bollinger Bands are shrinking. The line is running above the middle track of the Bollinger Bands for a short period. The moving average is bonded and running. The indicators in the attached picture are running above the axis. The green kinetic energy is increasing and the indicators are weak. Looking at the hourly line, the Bollinger Bands are closing slightly, and the line rebound is hindered by the short period of the middle track of the Bollinger Bands, the moving average dead cross and the indicator in the attached chart are running on the axis, the green kinetic energy is increasing, and the indicators are weak.
It opened higher and moved higher in early trading today, with the Asian plate reaching the highest level of 3, and then fell back under pressure. From a four-hour perspective, the moving averages diverge upward, the attached chart is rising, and the turning head is turning downwards to form a dead cross. The price is currently running in the overbought zone, and the four-hour Bollinger Bands have opened. The price is currently below the upper Bollinger Band, and there is an upper limit. A certain amount of pressure. Judging from the hourly line, the moving averages diverge, the attached chart forms a dead cross, the head turns downward, and the hourly Bollinger shows signs of closing. Taken together, asphalt is gradually rising, and there is basically no major decline in the Asian market. Therefore, as long as there is no major decline in the European and American markets, our operations today are still based on low and long positions. Jindian recommends paying attention to the support situation of 3 below. The asphalt market has been relatively volatile recently.
Asphalt operation suggestions
, Asphalt 3 short, stop loss 3 points, target
, Asphalt long, stop loss 3 points, target