Oil (current news)
Oil prices continue to show positive dynamics at the beginning of the European session, after a decline in the course of trading on Thursday.
The main reason for the decline in oil prices on Thursday was profit-taking by investors. As well as a decrease in demand for risky assets due to the decline in world stock markets, after the data on China’s GDP indicated a slowdown in its growth in the third quarter. For additional information see https://esterholdings.com/en/2017/10/19/obzor-osnovnyh-drajverov-3/
At the moment, the main support for oil quotations is caused by the reduction of oil reserves in the US, as well as attempts by OPEC to stabilize the balance of supply and demand for raw materials on the market. Higher growth in oil prices may be limited. As market participants fear that at higher oil prices, shale oil producers will significantly increase production, thereby triggering a new wave of oil supply surplus in the world market.
- At the moment, WTI crude oil is trading at $ 51.53, adding about + 0.47% to the price.
- Brent crude oil is trading around $ 57.47, adding about + 0.42% to the price.
See technical analysis of oil !
Alexander Sivtsov