Oil now

The oil market is being traded with restrained strengthening from the start of the day on the growth of optimism on stock exchanges and restrained correction after yesterday’s decline. The limiting factor for the oil market remains the expectation of EIA data on the US oil inventories and very negative API data showing an increase in the US oil reserves. Separately, it is worth to note the general market sentiment, which is directly related to the US – China trade talks.

Major brands of oil are traded in a moderately ascending channel, limiting to the highs of October 7 and the lows of October 8 and 3.

Look Technical Analysis.

Brent crude oil is trading around $ 58.80, an increase of about + 0.90% in price.

WTI crude oil is trading at around $ 53.00, an increase of about + 0.80% in price.

Read also: “Risks of the trade war are back”

Dani Leviant

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

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