Oil now

At the trading on Wednesday, the oil quotes of the main brands demonstrate moderate growth on the API data on the reduction of oil inventories in the United States. Thus, the last API report showed an unexpected reduction in oil reserves in the United States by 1.5 million barrels for the week, which turned out to be the first in four weeks, thereby restoring optimism in the oil market, promising a reduction in oil inventories in the United States.

At the same time, this report also lead to the correction of oil after the next collapse. The general sentiment in the oil market remains very negative, despite the growth in demand from India. The reason for the negative sentiment is the data that oil exports from Saudi Arabia reached a record of 11 million barrels per day, which ultimately confirms keeping general bearish trend in oil.

Look  Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 63.80, an increase of about + 1.30% in price.

WTI crude oil trades at $ 54.70, an increase of about + 1.20% in price.

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Dani Leviant

Earn with the help of the trade service on the news Erste News!

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