Oil now

Major oil brands returned to decline, after a moderate opening of trading on Tuesday. The reason for the resumption of the decline in the oil market was the growth of pessimism on stock exchanges and the risks surrounding the US-Chinese trade talks. As a result, the main oil brands rushed to weekly lows.

Despite reports of interruptions in supplies from Iraq and Ecuador as a result of an unstable situation, such a rapid decline in oil prices is due to the nervousness of the market and the unwillingness to full correction in the face of growing supply. This indicates the formation of lateral dynamics, which is limited from below to a October 3 low.

Look Technical Analysis.

Brent crude is trading around $ 57.50, a decline of about -1.40% in price.

WTI crude oil is trading around $ 52.00, a decline of about -1.50% in price.

Read also: “The national currency exchange
rate  as an advantage in trade talks ”

Dani Leviant

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