Oil now

The oil market on Friday maintains a restrained upward trend, ignoring the growth of the US oil inventories and data on the slowdown in China’s economy. This can be regarded as signs of increased supply and reduced demand in the oil market. But, despite this, commodity assets and, in particular, oil retain positive dynamics. It is worth to note the decline of the US dollar, which reduces the cost of imports.

Major oil brands, despite the closing of the week near the highs, continue to be limited by lateral dynamics and highs on October 14th. The flat movement of the oil market from the start of the month confirms the slowdown of the downward dynamics of the second half of September. And the formation of a “double bottom” with lows on October 3 and 16 may indicate the possibility of further growth if it fixes above the October 14 high.

Look Technical Analysis.

Brent crude oil is trading around $ 60.10, an increase of about + 0.30% in price.

WTI crude oil is trading around $ 54.40, an increase of about + 0.80% in price.

Read also: “The main causes of weakening
US dollar. Fed’s rates cut“

Dani Leviant

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