Oil now

At the trading on Wednesday, oil quotes were under the pressure of correction after prolonged growth and updating of annual highs. The reason for the decline in oil prices, in addition to the technical correction after growth, was the expectation of data on the increase in oil reserves in the United States. So, today there are data on oil inventories in the US from the API, tomorrow from the EIA. It is also worth noting the difficult situation in Venezuela, which continues to reduce the volume of oil exports in domestic unrest, which, in the face of declining oil production at OPEC, is supporting oil prices. The technical picture indicates that the decline on correction has been maintained, as a result of which the weekly lows may be updated.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading around $ 65.90, a decrease of about -0.80% in price.

WTI crude oil trades at $ 56.10, a decline of about -0.70% in price.

Read also: “Types of trading in financial markets by the criterion of the duration of the transaction. Basics.”

Dani Leviant

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