Oil (current news)

Oil prices fell slightly on Thursday morning. In general, this decline is due to partial profit-taking by investors and correction of positions due to the long holidays in the US, that is why today the volume of trades will be reduced.

Support for oil quotations continues  is provided by the expectation of the OPEC summit next week, as market participants expect the extension of the OPEC + pact until the end of 2018. Also, support for oil quotations is provided by the reduction of oil reserves in the US, as well as the reduction in the supply of raw materials from Canada. According to the data on Wednesday, oil reserves for the past week decreased by -1.855 million barrels, against the growth in the previous period at 1.854 million barrels.

• At the moment, WTI oil is trading at $ 57.84, losing about -0.31% in price.
• Brent crude oil is trading at around $ 63.03, losing about -0.46% in price.

Also, see Technical Analysis of Oil.

Alexander Sivtsov