Oil now
The oil market has remained very restrained from the start of the day, after the publication of API data on the US oil reserves. For example, over the previous week, the American Petroleum Institute (API) showed an unexpected increase in oil reserves in the United States by 3.5 million barrels. This is a very significant indicator, especially in the face of declining demand due to trade risks and signs of a slowing global economy. An additional negative factor for the oil market was the information that Russia could withdraw from the OPEC + agreement to restrict oil production. The reason for this sentiment was the statements of the head of the Russian oil company Rosneft.
The restraint of the oil market is more associated with the expectation of official expectations for the US oil reserves from the EIA, which will come closer to the close of the European session. EIA data is expected to reduce US oil reserves for the week. But because of the API report, expectations regarding this report remain ambiguous.
Look Technical Analysis.
Brent crude is trading at $ 61.80, a decrease of about -0.30% in price.
WTI oil is traded at around $ 53.00, a decrease of about -0.80% in price.
Read also: “Geopolitical risks for the beginning of 2019”
Dani Leviant
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