Oil (current news)

On Wednesday, oil quotes are traded with a slight strengthening on the growth of optimism in the market. At the same time, the dynamics of oil remains limited near the monthly minimums, which is connected with the fear of growth in oil production in Saudi Arabia and Russia. Additional concerns about oil are from the growth of drilling activity in the US, which remains at record levels.

While official statements regarding the actual increase in production in Saudi Arabia and Russia were not followed there is reason to believe that current prices will be a minimum for oil. On the other hand, the expectations of these news will also have a limiting effect on oil quotes. Significant impact on the cost of oil can provide data on oil reserves in the US, which will come out in the coming days.

Read: Technical analysis of oil.

At the moment, Brent crude oil is traded at around $ 75.90, with an increase of about 0.50% in price.

WTI crude oil is traded at $ 66.90, with an increase of about 0.30% in price.

Also, read: “Fibonacci clusters – the subtleties of use”

Dani Leviant