Oil now

The oil market at the start of the week shows a decline in maintaining signs of supply growth and downward dynamics. The reason for maintaining pessimism remains signs of a slowdown in the global economy, and, in particular, the growth rate of the Chinese economy. China remains the largest consumer of oil.

Major oil brands, despite attempts to reduce, maintain the upward trend in October. It will be possible to talk about a slowdown in upward dynamics after Brent fixes below $ 58 per barrel, and WTI – $ 52.50 per barrel. Slowing oil market growth and signs of declining demand point to this possibility.

Look Technical Analysis.

Brent crude oil is trading around $ 59.10, a decline of about -0.60% in price.

WTI crude oil is trading at around $ 53.70, a decline of about -0.30% in price.

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Dani Leviant

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

Topical articles of the trader’s blog:

1. What to expect from the Bank of England in the face of a tough Brexit
2. The results of the US-China trade talks
3. Cloudy prospects for the  oil market 

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