Oil now

On Wednesday, the oil market returned to growth on easing negative sentiment and lowering the US dollar. Also, major correction was supported by a technical correction after a decline to weekly lows. As a result, major oil brands continue to show monthly lateral dynamics.

Despite a reduction in fears, the risks of a trade war and growing supply remain. This may ultimately limit the upward dynamics in the oil market. Significant resistance for major oil brands remains the high of August 30.

Look Technical Analysis.

Brent crude oil is trading around $ 59.00, an increase of about + 1.30% in price.

WTI crude oil is trading around $ 54.80, an increase of about + 1.60% in price.

Read also: “The oil market and its cloudy prospects”

Dani Leviant

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

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