Oil now

At the opening of Monday trades, the main oil brands are traded with a strengthening, which is caused by the growth of optimism and a decrease in the value of the American currency. Technically, the main oil brands continue to maintain a downtrend, limited to the correction phase. Fundamental factors also point to the persistence of risks in the oil market. One of the factors reducing the cost of oil are record volumes of oil production in Saudi Arabia, which reached 11.2 million barrels per day. An additional factor to reduce the cost of oil is the overall decline in demand for oil.

Look Technical Analysis.

At the moment, Brent crude is trading at around $ 60.20, an increase of about + 2.10% in price.

WTI crude oil trades at $ 51.30, an increase of about + 1.80% 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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