Oil now

Oil quotes are growing at trades on Tuesday due to the correction after the decline and sanctions against Venezuela. The US sanctions were imposed against the state-owned oil company against the backdrop of political instability in Venezuela. It caused a rise in optimism about oil prices against the background of a decrease in the supply of oil and oil products from Venezuela. At the same time, it is worth noting that earlier the pressure on oil was caused by the difficult situation with the US – Chine trade confrontation, which continues to escalate amid industrial espionage.

Thus, the oil market received little support in the form of sanctions against Venezuela, but continues to be limited to the US – Chine trade confrontation. As a result, the major oil brands continue to trade in restrained downtrends, limited to the year’s lows.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 60.40, an increase of about + 1.00% in price.

WTI crude oil trades at $ 52.40, an increase of about + 0.90% in price.

Read also: “Price Levels – A Technical Analysis Tool”

Dani Leviant

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