Oil (current news)

Oil prices are under pressure during the European session, which was caused by the growth of oil and oil products in the US.

• According to published data, the US oil reserves increased by 1.895 million barrels over the past week, against the projected decline of -1.33 million barrels.
• Gasoline stocks increased by 3.414 million barrels against the decline in the previous period at the level of -1.98 million barrels.
• Distillate stocks increased by 3.926 million barrels, against the decline in the previous period at the level of -1.94 million barrels.

Pressure on the oil market is provided by the growth of oil production in the United States.

According to yesterday’s report from the EIA, the US oil production increased last week to 10.25 million barrels per day, which is a record level of production.

• At the moment, WTI crude oil is traded at $ 61.62, losing about -0.28% in price.
• Brent crude oil is traded at around $ 65.36, losing about -0.23% in price.

Also, see Technical Analysis of Oil.

Alexander Sivtsov