Oil (current news) - Ester Holdings

Oil (current news)

On Thursday, oil quotations of major brands continue to trade lower, remaining under pressure of rising oil reserves in the US and concerns related to oil production in OPEC. The possibility of increase of oil production in OPEC was caused by the decline in production in Venezuela and Iran, which was caused by the introduction of US sanctions.

As a result, oil retreated from the annual highs and traded near the lows of the week, expecting hints for further movement. The overall dynamics of oil largely depends on the direct volume of world oil production. And the decision to increase production in OPEC will cause a decline in its value. Therefore, the psychological levels for WTI – $ 73.00 and Brent – $ 80.00 can be regarded as a fair price for the existing level of production.

At the moment, Brent crude oil is traded at around $ 79.10, a decline of about-0.80% in price.


WTI oil is traded at $ 71.40, a decline of about-0.60% in price.


Also, read: “The oil market. Prospects and expectations”

Dani Leviant

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