Oil now

The oil market is showing a decline from the start of the day, while waiting for data on the US oil inventories and signs of a slowdown in business activity in China. Earlier, major oil brands received a restrained support on the general growth of optimism, which is associated with the progress in the US – China trade talks.

The downward trend in the oil market is largely associated with a decrease in optimism about consumption and a technical correction against growth last week, which was caused by optimism about increasing demand. As a result, the main oil brands remain under the pressure of correction after growth and are limited from below to a maximum of October 22 and a minimum of October 21.

Look Technical Analysis.

Brent crude is trading at around $ 60.50, a decline of about -1.60% in price.

WTI crude oil is trading around $ 55.00, a decline of about -0.50% in price.

Read also: “Oil Market: does it form a reversal
or maintain lateral dynamics “

Dani Leviant

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

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