Oil now - Ester Holdings

Oil now

On Friday’s trades, major oil brands show a moderate decline in the strengthening of the US currency. The growth of the US dollar is due to the expectation of the speech of the US Federal Reserve Chairman at the symposium in Jackson Hole, from which more hawkish comments are expected on the US monetary policy, namely, signals about the cessation of the US rate cuts.

Amid the growth of the American currency, the oil market was under the pressure from rising prices for imports. This increases the pressure on oil quotes, which remain under the pressure of a downward correction after growth. Significant support for the oil market settled at the opening level of the current week. But in the face of confirmation of market expectations and the growth of the American dollar, it will be broken.

Look Technical Analysis.

Brent crude oil is trading around $ 59.80, a decline of about -0.20% in price.


WTI crude oil is trading around $ 55.30, a decline of about -0.10% in price.


Read also: “Stock Indices and Their Impact on the Forex Market”

Dani Leviant


 

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