WTI in a consolidation phase after a strong December with the price slowing down to test the support level of $57.70-$58 once again. Despite the risk on seen across markets, the barrel was unable to hold the gains achieved in the final weeks of 2019. The US-Iran situation is not worrying markets at this stage, while the signing of the Phase One deal between the US and China was largely discounted and was unable to further lift the oil price.
