Oil (current news)
Oil prices are recovering after a decline the day before. Reduction in oil prices on Tuesday contributed to the correction of positions in anticipation of data on oil reserves in the US. According to the API, oil reserves in the US fell by -7.382 million barrels over the past week, exceeding the decline in the previous period at -5.481 million barrels. This reduction in the US stocks of raw materials is due to the active sale of oil against the backdrop of rising market value, as well as due to increased demand in China and India.
Today, the market will expect a monthly report from OPEC and government data on oil reserves in the US, which will have a significant impact on oil quotations.
- At the moment, WTI crude oil is trading at $ 57.67, adding about + 0.93% to the price.
- Brent crude oil is trading at around $ 64.08, adding about + 1.17% to the price.
Also, see Technical Analysis of Oil
Alexander Sivtsov