Oil now

Oil quotes are traded with a decrease at the trading on Wednesday. The factors that reduce the cost of oil are data on record shale oil production in the United States and geopolitical risks that contribute to an overall decrease in demand for oil. Thus, the latest EIA data showed a record increase in US oil production to 11.54 million barrels per day, which became the main factor for the sale of oil. It is worth noting the general pessimistic background, which also reduces the demand for oil.

Thus, the main oil brands are traded with a decrease, remaining under the pressure of downward moods, limited to the lows of December 2018, which act as a significant psychological support. It is also worth noting that despite the slowdown in decline in recent days, the downward trend in oil continues.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at around $ 53.20, a decline of about -1.20% in price.

WTI crude oil trades at $ 44.60, a decrease of about -1.60% in price.

Read also: “Dow Theory – Averages must confirm each other”

Dani Leviant

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

Topical articles of the trader’s blog:

1. Top 5 books on trading. Read and progress!
2. Happy New Year! Summing up the past year.
3. The S&P 500 index as a market sentiment index!

Current Investment ideas:

1. Intel Microprocessors for Macro Earnings at the Stock Exchange! Connect!