Oil now
The main oil brands are reduced by pessimism and correction after growth at the trading on Thursday. On Wednesday, oil received significant support from the data on a significant decrease in oil inventories in the United States. With the data on the decline in oil inventories in the United States it was also published data on the growth of oil production. Thus, oil production in the United States reached a record high of 12.1 million barrels per day, which caused a restrained decline in oil prices amid rising supply, thereby offsetting reduced supply due to OPEC’s sanctions and restrictions.
Technically, oil will keep a moderately downward trend to the weekly lows. Growth of optimism and progress in trade negotiations may slow down the existing dynamics.
Look Technical Analysis of Oil.
At the moment, Brent crude is trading around $ 65.90, a decline of about -1.00% in price.
WTI crude oil trades at $ 56.50, a decrease of about -0.80% in price.
Read also: “Price Levels -A Technical Analysis Tool”
Dani Leviant
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