Oil now

The oil market trades lower on Thursday. From the start of the day, the main oil brands showed multidirectional dynamics, as a result of which a low was updated. At the opening of the European trading session was followed by an upward trend, which was caused by the continued optimism in the stock markets.

It is worth noting that general dynamics of the oil market after the OPEC + meeting and the extension of the agreement on limiting oil production remain restrainedly downward. Similar dynamics are associated with signs of a slowdown in the global economy, which entails a decrease in demand. Also it is worth to note the decrease in oil price forecasts. Against this background, the oil market remains under the pressure from pessimistic expectations.

Look Technical Analysis.

Brent crude oil is traded in the region of $ 63.80, a decrease of about -0.10% in price.

WTI crude is traded at around $ 57.00, a decline of around -0.50% in price.

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Dani Leviant

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