Oil now
Major oil brands continue to trade with the strengthening another consecutive day, receiving support from reducing oil exports from OPEC and sanctions against Iran and Venezuela. As a result, the Brent mark set its sights on the psychological mark of $ 70 per barrel, and WTI on the mark of $ 63 per barrel, which meet the highs in the last five months. At the same time, this is not a limit for strengthening oil prices in the context of a decrease in OPEC exports.
The risk factor for a slowdown in the growth of oil prices is oil production in the United States and its reserves. Thus, the latest API data showed an increase in oil rinventories over the week by almost 3 million barrels, which is a very significant increase after a long decline. The oil market will expect official data on the US oil inventories from the EIA, which will be released today.
Look Technical Analysis.
Brent crude oil traded in the region of $ 69.70, an increase of about + 0.50% in price.
WTI oil is traded at around $ 62.70, a rise of about + 0.20% in price.
Read also: “Geopolitical risks for the beginning of 2019”
Dani Leviant
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