Oil now

On Friday, the oil market remains under the pressure from negative sentiment, trading in flat at the opening of the day level. After a sharp decline in major oil brands on Thursday to weekly lows, the negative sentiment remains in the oil market due to the expected increase in supply due to the weakening of sanctions against Iran and a further slowdown in demand. The oil market could be supported by data on easing of the US-China trade tension, but the oil market focused on an imbalance of supply and demand, which, while maintaining a high level of production, shifted to excess supply.

Technically, the main oil brands maintain the upward trend of the current month, despite a weekly decline and attempts to form a reversal. So, the main brands of oil are traded near significant support of the lows on September 6 and 4.

Look Technical Analysis.

Brent crude oil is trading at around $ 60.10, a decline of about -0.40% in price.

WTI crude oil is trading at around $ 54.90, a decline of about -0.30% in price.

Read also: “Multifactorial Analysisof the Forex Market”

Dani Leviant

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