Oil now

On Wednesday the oil market came under the pressure from a downward correction after growth on Tuesday. In addition to the technical correction, OPEC meetings served as a reason for the growth of volatility in the oil market. The meeting, in turn did not have a significant impact, despite the provocation of increased volatility in the oil market. Moreover, it increased fears of supply growth, since no significant calls were made to limit production.

An additional reason for the decline in major oil brands remains the expectation of the EIA data on the US oil inventories. Despite a less significant increase in the US oil inventories over the week, according to API data of about 4.4 million barrels, the US oil and petroleum product inventories are expected to continue the growth. Thus, they indicate an increase in supply and increase pressure on the oil market. At the same time, the main oil brands continue to maintain an upward trend despite a moderate decline.

Look Technical Analysis.

Brent crude is trading around $ 59.30, a decline of about -0.60% in price.

WTI crude oil is trading at around $ 54.00, a decline of about -0.80% in price.

Read also: “A new round of trade war:
duties, restrictions, prospects ”

Dani Leviant

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