Oil now

The oil market moved to a correction on Friday trades, deviating from many-month lows. In addition to the technical correction after the decline, support for oil quotes was provided by a restrained restoration of optimism in the market and the general weakness of the American currency, which made oil imports cheaper. General market sentiment remains restrained. And updating half-year lows indicates the preservation of the overall downward dynamics of the oil market.

Major oil brands remain limited by August 7 lows. The breakdown of which will indicate the preservation of the decline and opening of the road to annual minimums.

Look Technical Analysis.

Brent crude oil is trading around $ 58.10, an increase of about + 0.70% in price.

WTI crude oil is trading around $ 52.60, an increase of about + 0.20% in price.

Read also: “The Impact of a Trade War on the US Stock Market”

Dani Leviant

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