Oil (current news)
Oil prices demonstrate a moderate dynamics in the course of trading on Wednesday, after a decline the day before. In general, the decline in oil prices was caused by profit-taking by investors and correction of positions in the oil market. The OPEC pact supports the oil market. According to this pact, members of the cartel and non-member countries agreed to reduce the volumes of raw materials extraction and observe quotas by the end of 2018. The deterrent of the stronger growth in oil quotations is the decisive sentiment of the oil shale producers in the US, which are trying to increase production in the face of rising oil prices.
- At the moment, WTI crude oil is traded at $ 63.84, adding about + 0.17% to the price.
- Brent crude oil is traded around $ 69.23, adding about + 0.12% to the price.
Also, see Technical Analysis of Oil
Alexander Sivtsov