Oil (current news) - Ester Holdings

Oil (current news)

On Monday, oil prices accelerated decline due to increased fears of increasing oil production in OPEC, which is supported by high oil production in the US. As a result, the oil market is preparing to resume world growth in oil production and, as a result, new growth races for world oil production.

Earlier, the statements of Saudi Arabia and Russia to increase oil production to compensate for the decline in oil exports from Venezuela and Iran were seen as a negative, but very possible step to settle the balance in the oil market. Now, after US production has risen to around 10.47 million barrels per day, it’s more like the market is returning to excess oil production, which was traced in late 2015 and 2016.

As a result, the oil market can again return to multi-year lows and wallow in excess oil production.

See Technical Analysis of Oil.

At the moment, Brent crude oil is traded at around $ 75.80, a decline of about -1.50% in price.


WTI oil is traded at $ 65.40, a decline of about-0.60% in price.


Also, read: “Forex Averaging Strategy”

Dani Leviant

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