Oil (current news)

Oil prices move slightly below the zero mark in the course of trading on Monday. The main pressure on oil quotations is caused by the fear of increased production of raw materials in the US. According to Friday’s data by Baker Hughes, the number of drilling rigs increased by 2 units and amounted to 749 units.

In turn, the actions of OPEC and its allies support oil quotations by extending the pact to reduce volumes until the end of 2018. This week, market participants will expect a monthly report from OPEC and the IEA, which will publish fresh data on the state of supply and demand in the market.

• At the moment, WTI oil is trading at $ 57.19, losing about -0.30% in price.
• Brent crude oil is trading at around $ 63.27, losing about -0.21% in price.

Also, see Technical Analysis of Oil

Alexander Sivtsov