Oil (current news)

Oil prices remain positive at the beginning of the European session. The main support for oil prices is provided by the OPEC + pact to reduce the volume of raw materials, as well as the IMF forecast for the growth of the world economy.

According to the IMF forecast, the growth of the world economy in 2018 will be 3.9%, which exceeds the October growth forecast of 3.7%. Nevertheless, there are still risks of a downward correction in the market, which restrains the further growth of oil prices. Today, market participants will expect data on oil reserves in the US from the API. As another reduction will support oil prices.

• At the moment, WTI crude oil is traded at $ 63.95, adding about + 0.60% to the price.
• Brent crude oil is traded at around $ 69.39, adding about + 0.52% to the price.

Also, see Technical Analysis of Oil

Alexander Sivtsov