Brexit deal limits oil losses

The United Kingdom and the European Union have reached a new Brexit deal ahead of the EU Summit in Brussels. UK Prime Minister Boris Johnson is calling on the UK Parliament to approve the deal this Saturday. The deal focuses on resolving the longstanding issue of the Irish custom border between Northern Ireland and the Republic of Ireland. However, concerns remain as the Democratic Union party's approval is still pending, and Johnson faces opposition in Parliament. Opposition leader Corbyn has criticized the deal, labeling it worse than previous proposals by former PM May. Moving on to the US-China trade deal, recent developments have provided some relief to the markets. China has agreed to import US agricultural products, while also calling for the removal of tariffs. The deal, however, remains more symbolic than substantial, as both countries are yet to finalize the details. Market analysts suggest that the market is eager to buy into risky assets, driven by a fear of missing out on potential rallies. Oil prices have been responding to global demand pressures and economic slowdown. With central banks easing monetary policies and global growth slowing, oil prices have been fluctuating in response. Geopolitical tensions, such as the unresolved Iran issue and conflicts in Syria, continue to impact oil prices. Analysts predict a deflationary trend in oil prices, with a range between $50 to $59, depending on daily news and geopolitical developments. Forecasting oil prices has become increasingly challenging due to the complex interplay of global economic factors and geopolitical tensions. Analysts project a range of $30 to $40 per barrel by the end of the year, highlighting the need for proactive policy measures to stabilize oil markets and the global economy. Overall, the markets are cautiously optimistic about the Brexit deal and the US-China trade negotiations. While uncertainties remain, investors are closely monitoring developments in geopolitics and global trade agreements to navigate the volatile market landscape.