Oil now
Major oil brands accelerated their decline on trading on Thursday after the US crude stocks rose over the week. The reason for the steady decline in the cost of oil is the equally steady growth of supply in the conditions of waiting for a slowdown in demand. Thus, the volume of oil production in the United States amounted to 12.2 million barrels per day, slightly below the record level of 12.3 million barrels per day. But, despite the growth of reserves and uncertainty in OPEC to limit export volumes, the main risk factor for the oil market remains global consumption, in which China plays a significant role. And given the obvious aggravation of the trade war, the possibility of reducing oil consumption in China is not excluded.
The main oil brands approached the lows of May, thus indicating a slowdown in the general uptrend on oil, which has been tracked since the beginning of the year. In the conditions of preservation of the existing speaker, the possibility of a deeper correction is not excluded.
Look Technical Analysis.
Brent crude is trading at $ 69.80, a decline of about -1.70% in price.
WTI oil is traded at around $ 60.30, a decline of about -1.80% in price.
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Dani Leviant
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