Oil now

On Thursday, oil quotes for major oil brands  accelerated the decline sharply in reinforcing overall negative sentiment after the US Federal Reserve meeting and worsening concerns that OPEC’s oil production restrictions would provide insufficient support for oil. Fears about the relatively low effectiveness of OPEC’s restrictive measures increased after fears of a slowdown in the global economy and data on maintaining a high level of US oil production intensified.

As a result, the main oil brands have updated the lows of the year and accelerated the downward dynamic, despite a certain decline in oil reserves in the United States. Oil quotes are trapped in restrained downward dynamics, limited to oversold.

Look  Technical Analysis of oil.

At the moment, Brent crude is trading around $ 55.30, a decrease of about -3.40% in price.

WTI crude oil trades at $ 46.60, a decrease of about -3.30% in price.

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Dani Leviant

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