Oil now
From the start of trading on Tuesday, oil quotes are traded with strengthening, which is caused by data on the decline in production in Saudi Arabia and the growth of optimism in the market. The report that Saudi Arabia cut oil production in favor of maintaining a supply balance in the oil market had a significant support to oil quotes. On the other hand, risk reduction also positively affected risky assets.
But, despite this, the dynamics of the main oil brands remains downward and points to the growth of supply. Earlier, due to sanctions, the export of oil from Iran was reduced, but due to increased production and a general decline in global consumption, this had little effect on the general oil dynamics. Also today, the oil market expects data on oil inventories in the US, which contributes to the strengthening of oil quotations on optimistic expectations.
Look Technical Analysis of Oil.
At the moment, Brent crude is trading around $ 73.50, with an increase of about + 1.20% in price.
WTI oil is trading at $ 67.40, rising about + 1.10% in price.
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Dani Levitan
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