Oil now

Major oil brands  are growing at the beginning of the day on the expectation of a reduction in the US crude oil inventories. The reason for expectations of a decrease in the US oil reserves was the API data on the reduction of crude oil inventories in the United States by more than 11 million barrels per week. This acts as a very significant driver for the expectation of a decline, the confirmation of which is expected from the EIA data.

A week earlier, official data on oil reserves showed a moderate decline of about 2.7 million barrels per week, resuming the dynamics of decline in oil inventories in the United States. The dynamics of the US stocks decline will accelerate, supporting the oil market as a whole, opening the way for the growth of major oil brands at highs on August 22 and 13, if, according to the results of the week, oil reserves in the USA will decrease by more than 3 million barrels.

Look Technical Analysis.

Brent crude oil is trading around $ 59.70, an increase of about + 1.10% in price.

WTI crude oil is trading around $ 55.70, an increase of about + 1.40% 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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