Oil (current news). Data on reserves are ignored by the market

Oil prices remain under pressure at the beginning of the European session, despite the decline in oil reserves in the US. According to the API, oil reserves fell by -0.907 million barrels over the past week, against a rise of 3.947 million barrels in the previous period.

At the moment, the strong position of the US dollar exerts pressure on oil quotes, as for importers of other currencies, imports become more expensive. Also, pressure is increased by oil production in the US, which since 2016 has increased by more than 20%, and exceeded 10 million barrels per day.

• At the moment, WTI crude oil is traded at $ 61.08, losing about -0.97% in price.
• Brent crude oil is traded at around $ 64.86, losing about -0.86% in price.

Also, see Technical Analysis of Oil

Alexander Sivtsov