Oil now
From the start of the week, the main oil brands continue to trade with the strengthening, aiming at six-month highs. The reason for the general rise in the cost of oil continues to be the statements of the United States regarding the tightening of sanctions against Iran. So on May 1, the quotas used by importers of Iranian oil will lose power. And from early May, Iran will be in complete export isolation. As a result, the oil market and demonstrates overall growth. At the same time, China remains the main importer of Iranian oil, which does not agree with the US policy, which, in turn, could become a new driver for the resumption of trade confrontation.
Against the background of geopolitical risks, oil continues to strengthen, expecting a significant reduction in supply. But negative sentiment is also starting to increase in the market, which puts pressure on risky assets and may cause another wave of flight from risks.
Look Technical Analysis.
Brent crude oil is traded around $ 74.50, an increase of about + 06% in price.
WTI oil is traded at around $ 66.00, a rise of about + 0.80% in price.
Read also: “Candlestick Analysis. Continuation patterns”
Dani Leviant
Earn with the help of the trade service on the news Erste News!
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