Oil now

At the opening of the week, the main oil brands remain under the pressure for correction after growth. Despite the general growth of optimism in the market, oil remains under the pressure. In addition to the technical correction, which, after updating the highs, puts pressure on oil and enhances the correction of oil positions, additional pressure on oil quotes comes from oil producers. So, earlier oil received support on optimistic statements about the reduction of oil exports and the prospects for consumption growth in the face of declining trade opposition.

But, as the current situation shows, the oil market was overbought on excessive optimism. As a result, the oil market is adjusted on the reduction of long positions and the lack of drivers for growth. The main support levels are the last week lows.

Look Technical Analysis of Oil.

Brent crude oil is traded around $ 70.90, a decrease of about -0.90% in price.

WTI oil is traded at around $ 63.20, a decline of about -1.10% in price.

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Dani Leviant

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Topical articles of the trader’s blog:

1. Oil market: results and forecasts
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3. Stock indices and their impact on the Forex market

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