Oil now

The oil market on Friday trades remains under the pressure of correction after growth. Earlier, on the basis of data on a decrease in the US oil inventories and a weakening risk of trade aggravation, major oil brands updated the last weeks high, August 21. But the oil market was under pressure in the face of continued trade uncertainty and technical correction.

Despite attempts to reduce, the weekly dynamics of the oil market and the overall dynamics remains upward. This indicates a slowdown in the decline in recent months. It is also worth noting that the main oil brands are traded in an ascending triangle, indicating a potential for growth. Significant resistance are the highs of August 21 and 13.

Look Technical Analysis.

Brent crude oil is trading at around $ 60.00, a decline of about -0.80% in price.

WTI crude oil is trading around $ 55.80, a decline of about -1.50% in price.

Read also: “Oil market: results and forecasts”

Dani Leviant

Earn with the help of the trade service on the news Erste News!

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