Oil (current news)

Oil prices are moving in a narrow range at the beginning of the European session. The main pressure on oil quotations is caused by the growth of oil reserves in the US. According to yesterday’s data from the API, oil reserves rose by 1.821 million barrels, against the decline in the previous period at -6.356 million barrels. The deterrent of a stronger decline in oil prices is the expectation of tomorrow’s OPEC summit, during which, perhaps, the issue of further extension of the OPEC + pact will be decided by the end of 2018.

• At the moment, WTI crude oil is trading at $ 57.74, losing about -0.43% in price.
• Brent crude oil is trading around $ 62.91, losing about -0.52% in price.

Also, see Technical Analysis of Oil.

Alexander Sivtsov