Oil now

Oil returned to growth in trading on Wednesday, helped by the growth of optimism in the stock markets and the worsening situation in Libya. After a restrained correction on Tuesday, the main oil brands returned to an upward trend, adjusting after strengthening and forming support levels. In turn, the dynamics of oil continues to remain moderately ascending, limited to data from the API, which showed an increase in US oil reserves over the week, awaiting the official EIA report, which will be released today.

General dynamics of oil remains low-key and depends largely on a further reduction in the supply of crude oil to OPEC and non-cartel countries. The next meeting in OPEC and non-cartel countries, where they will discuss the possibility of reducing exports, is scheduled for May. In the near term, the dynamics of the oil market depends on data on the US oil reserves.

Look Technical Analysis.

Brent crude is traded in the region of $ 70.90, an increase of about + 0.40% in price.

WTI oil is traded at about $ 64.40, a rise of about + 0.60% in price.

Read also: “Oil market: correction or growth limit”

Dani Leviant

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