Oil now

The oil market has accelerated growth on the expectation of a reduction in the US oil reserves. So, according to the American Petroleum Institute (API), crude oil inventories in the United States declined by more than 8 million barrels for the week, showing a decline for the fourth consecutive week. Against the background of the API data, it is expected that data from the US Energy Information Administration (EIA) will also show a decline of more than 3 million barrels per week, exactly how much is expected to decline.

Against the backdrop of expectations of lower oil reserves in the United States, major oil brands have updated a month high. In the conditions of maintaining such dynamics and confirming the reduction of crude oil reserves in the United States, we should expect a test of this June’s high.

Look Technical Analysis.

Brent crude is traded at around $ 65.50, an increase of about + 2.10% in price.

WTI oil is traded at around $ 59.10, a rise of about + 2.10% in price.

Read also: “Singapore Dollar. Features of trade “

Hanzenko Anton

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