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Trade idea: Long crude oil on Chinese data
Anton Hughes from Magick.nu is looking to long crude oil following strong numbers out of China; West Texas Intermediate rose from a three-month low as China's economic growth accelerated for the first time in three quarters, signaling increased demand in the world’s second-biggest oil consumer.
China’s GDP expanded by 7.8 percent from July to September, compared with the same period a year earlier, the National Bureau of Statistics said in Beijing.
Anton does warn, however, that there is a risk on this trade due to the recent US government shutdown. Dealers continue to fret over the economic fallout in the world's largest oil consumer, even after Democrats and Republicans in Congress reached a temporary funding deal.
As a result, Anton is looking to enter at USD 100.75, take profit at USD 102 and for a stop at 100.33.
The U.S. will release crude stockpile data on 21 October - it was delayed this week because of the government shutdown.
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00:52 minutes
Tags: anton hughes, beijing, brent, brent crude, budget deal, china, chinese economy, chinese gdp, congress, crude, debt ceiling, democrats, gdp, government shutdown, oil, oil consumer, republicans, saxo bank, saxo tv, the unites states, tradingfloor.com, united states, us data, us economy, us government shutdown, us politics, west texas intermediate, wti