China has issued new oil product export quotas to allow oil companies to send surplus barrels overseas, particularly Sinopec, which has the highest volume among quota holders. While the exact quota volume remains undisclosed, oil companies are forecasted to export approximately 3.5 million metric tons of clean oil products in September, a 10% increase from August.
AUD/USD: Aussie chooses south
2019-11-11 • Updated
On the AUD/USD daily chart, the failure of the bulls to test the resistance at 0.7612 was a signal of their weakness. Quotes returned to support at 0.7523. If it is tested successfully, targets 127.2% and 161.8% in the "Crab" pattern will likely be implemented.
On the AUD/USD hourly chart, quotes are moving within the downward trading channel. The bears remain their control over the pair. Positions of big buyers are located near the 0.7515 and 0.7485 marks. If the levels are tested successfully, the sellers might count on the restoration of the downtrend.
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Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
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