Oil now

On Wednesday, the oil market shows moderate growth, which was caused by the publication of API data on the reduction of the US oil inventories for the week. Thus, according to the API, crude oil inventories in the USA declined by 7.5 million barrels over the week. This is one of the significant reductions since the beginning of this year. EIA forecasts are less significant, indicating a decline of more than 2.5 million barrels. This is regarded by the oil market as a positive signal after a prolonged increase in reserves.

The overall dynamics of oil remains restrained ascending on the persistence of tension in the Middle East. In terms of maintaining voltage and reducing stocks of oil and oil products in the United States, we can expect an acceleration of upward dynamics, which will be limited by overbought.

Look Technical Analysis.

Brent crude oil is traded at around $ 65.00, a rise of about + 1.10% in price.

WTI crude oil is traded in the region of $ 58.90, an increase of about + 1.90% in price.

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Dani Leviant

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

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