Oil now

On Tuesday, the oil market maintains an upward trend, receiving a support from positive sentiment. But also support for the oil market was provided by OPEC forecasts on rising oil prices in 2020, indicating a decrease in the need to more significantly limit oil production.

The limiting factor for the oil market remains the expectation of data on oil inventories in the United States. Despite the cautious expectations for the US oil reserves, the market remains somewhat optimistic about the decline in supply. If these expectations are confirmed by API data, major oil brands will resume the growth, but will be limited by overbought and monthly highs.

Look Technical Analysis.

Brent crude oil is trading around $ 62.70, an increase of about + 0.90% in price.

WTI crude oil is trading around $ 57.00, an increase of about + 0.80% in price.

Read also: “Gold forms a reversal.
Correction before the resumption of growth “

Dani Leviant

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

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