Oil now
After a restrained correction at the beginning of the day, oil quotes are returning to decline, which is caused by the growth of oil reserves in the US and coming into force new duties to China. So, oil has appeared under pressure of the introduced duties of the USA concerning China for the sum of 34 billion $, on what China has promised to answer similar actions, but didn’t react yet.
As a result, oil remains under pressure of risks, despite the restraint of stock exchanges. The situation in the Middle East and Trump’s comments on the increase in production in Saudi Arabia continue to exert pressure on the oil market.
Look Technical Analysis of Oil.
At the moment, Brent crude is trading around $ 76.60, a decline of about-0.90% in price.
Oil brand WTI is trading at $ 72.30, a decline of about-0.80% in price.
Read also: “The oil market and its main drivers in 2018”
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