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Oil now
The recovery of the main oil brands is traced after a rapid decline on Tuesday from the start of the European trading session. In addition to the technical correction, oil market support is supported by the growth of optimism in the stock markets and the expectation of a reduction in the US oil reserves. So, a week earlier, the stocks of oil and petroleum products in the United States declined significantly and kept the market’s expectations for the continuation of this trend.
Despite the attempts of growth, general dynamics of the oil market remains downward. A technical upward correction carries a short-term trend for the oil market. It is worth noting the upcoming data on the US oil reserves, which have a significant impact on oil. And in case of continued reduction in oil reserves, the upward correction may intensify.
Look Technical Analysis.
Brent crude is traded at $ 63.10, up about + 1.10% in price.
WTI oil is traded at around $ 56.70, a rise of about + 0.90% in price.
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Dani Leviant
Earn with the help of the trade service on the news Erste News!
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