Oil now - Ester Holdings

Oil now

Oil quotes of major oil brands have accelerated the decline on fears of growth in supply, which is confirmed by data on oil inventories in the United States. For example, many analysts point to continued growth in US oil production, which casts doubt on the effectiveness of cuts in OPEC production and increases the saturation of the oil market. At the same time, it is worth noting that in the conditions of a slowdown in the global economy, the overall demand for oil has substantially decreased.

An additional risk factor was the general negative sentiment on the oil market, which escalated on the eve of the December meeting of the US Federal Reserve System, the results of which will be published tomorrow at the end of the day. Against the background of this event, investors preferred to buy safer assets than they increased the pressure on oil, which already remains near annual lows. The limiting factor in further reducing the cost of oil is its oversold and expectations of data on US oil reserves from API.

Look Technical Analysis.

At the moment, Brent crude is trading at around $ 58.30, a decrease of about -2.20% in price.


WTI crude oil trades at $ 48.90, a decrease of about -2.50% in price.


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Dani Leviant

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