Oil Prices Still Growing

According to the agreement of Great Britain and the EU on Brexit based on the dollar depreciation, oil prices increased last Thursday. Evidence of a new Brexit agreement between the EU and the UK has led to the rapid growth of the pound, and the euro against the dollar. This supported the commodity rally.
After the release of weak industrial production data, the US dollar is also falling. The data that came from the United States is not positive. They point to trade conflicts in the US economy. As a result, the global economy is also at risk of collapse.
Raw materials production efficiency decreased by 0.4%. Initially, a -0.1% decrease in activity was forecasted in the manufacturing industry, as well as in the production of public utilities.
The economy in America is primarily focused on the production of services, and the rest of the US GDP is consumer spending. Moreover, this sector depends on fluctuations in global demand, which makes it the initial indicator of the state of the economy.
According to forecasts of oil market participants, US oil reserves have become approximately 2% higher than 5-year values, while US production remained at 12.6 million barrels per day.
However, if the British Parliament does not support the Brexit deal, the situation on commodity and stock exchanges can worsen.

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