Oil now

At the Friday trading, the main oil brands are trading at the opening of the day level, thereby adjusting with restraint after dropping yesterday. The overall decline in the cost of oil in recent days is due to an increase in supply. Thus, the latest EIA report of the United States showed an increase in production to historic highs of 12.3 million barrels per day. Along with this, export growth can be traced from OPEC and Russia. And it is also worth noting that Iran is not going to stop the supply of oil, despite the tightening of sanctions by the States.

As a result, on the oil market is a situation of increasing supply, putting pressure on oil prices. At the same time, the total annual dynamics of oil remains ascending, despite the formation of the top and attempts to turn.

Look Technical Analysis of Oil.

Brent crude oil is traded in the region of $ 70.60, a decrease of about -0.20% in price.

WTI oil is traded at around $ 61.90, a rise of about + 0.10% in price.

Read also: “Features of trading within a week”

Dani Leviant

Earn with the help of the trade service on the news Erste News!

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