Oil now

Major crude oil brands are strengthened after the decline on Wednesday. The main factor behind the decline in the oil market are signs of a slowdown in the global economy, which will reduce the demand for oil. Despite the negative dynamics and risks of a slowdown in the global economy, earlier major oil brands were supported by data on a decrease in oil reserves in the United States and exacerbation of tension in the Middle East.

Weekly dynamics of the oil market remains constrained upward, receiving support from fundamental factors, such as a decrease in supply. The overall monthly dynamics of the oil market remains descendingly low. As a result, significant resistance for oil is located at the Wednesday highs, and support is at the level of the opening of the week.

Look Technical Analysis.

Brent crude oil is traded in the region of $ 63.90, an increase of about + 1.10% in price.

WTI crude oil is traded at $ 56.60, an increase of about + 1.00% in price.

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Dani Leviant

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