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Oil now
From the start of the day, the oil market has continued strengthening, despite attempts of correction after growth. The reason for maintaining optimism over oil remains the decline in production in the Gulf of Mexico due to the storm and the preservation of tension in the Middle East. Thus, the tension between Iran and the United States can reach a critical value. Iran declared its readiness to block the Strait of Hormuz in the event of further tightening of sanctions. This will completely stop the supply of oil from the Persian Gulf.
The main oil brands remain in the correction phase limited to recent highs, despite the risks of reduced supply. Thus, the main oil brands have updated monthly highs, causing overbought.
Look Technical Analysis.
Brent crude oil is traded in the region of $ 66.70, an increase of about + 0.30% in price.
WTI oil is traded at about $ 60.30, a rise of about + 0.10% in price.
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Dani Leviant
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