Oil now

Oil prices remain under pressure after the publication of the EIA report on US oil inventories with an increase in US oil production. The US oil production reached a record high of 11.9 million barrels per day, which updated the historical high and came close to the psychological level of 12 million barrels per day, which is a kind of psychological indicator indicating a significant increase in supply, which in fact and caused an increase in concerns on the oil market regarding growth in supply and a shift in the balance on the oil market towards overproduction.

As a result, the main oil brands are traded under the pressure, adjusting after growth in the first half of the week, while remaining limited by monthly lows and keeping the lateral dynamics restrained.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at around $ 60.30, a decline of about -1.60% in price.

WTI oil trades at $ 51.30, a decline of about -1.90% in price.

Read also: “The oil market. A view from the past to the future”

Dani Leviant

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