Oil now
At Friday trades, oil quotes are traded in different directions, keeping the lateral dynamics on ambiguous sentiments in the oil market. So, on the one hand, oil quotes are supported by political instability in Venezuela, which in the long run could turn into restriction of supply on the oil market due to sanctions from the United States. On the other hand, an unexpected increase in crude oil inventories in the United States over the past seven weeks, by almost 8 million barrels, could increase significantly the level of supply in the oil market.
As a result, the main oil brands remain to be traded in flat, limited to the trading range of January, and thus indicating a slowdown in the upward trend in the oil market, which can be traced from the beginning of last December.
Look Technical Analysis of Oil.
At the moment, Brent crude is trading around $ 60.90, a decrease of about -0.30% in price.
WTI crude oil trades at $ 53.10, a decline of about -0.10% in price.
Read also: “Features of trade in the Mexican peso”
Dani Leviant
Earn with the help of the trade service on the news Erste News!
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