Oil (current news)

Oil prices remain positive at the beginning of the European session. The main support for oil quotes is caused by a decrease in oil reserves in the United States.

According to API data released on Tuesday, US oil inventories fell by -7.130 million barrels over the past week, while analysts had expected a decrease of -4.200 million barrels.

Rising oil prices could provoke shale oil producers to increase production volumes. On Monday, the Energy Information Administration said in its monthly report that the volume of shale oil production in the US in November could grow by 81,000 barrels a day.

• At the moment, WTI crude oil is trading at $ 52.09, adding about + 0.40% to the price.
• Brent crude oil traded around $ 58.27, adding about + 0.67% to the price.

For more information, see the Technical analysis of oil https://esterholdings.com/en/2017/10/18/tehnicheskij-analiz-nefti-aleksandr-sivtsov-240/#more-50033

Alexander Sivtsov