Oil (current news)

Oil prices move in a narrow range above the zero mark at the beginning of the European session. Support for oil prices is provided by OPEC’s forecast for growth in demand in 2018. According to the cartel, demand will grow by 1.59 million barrels per day, which exceeds the previous forecast of 60 thousand barrels per day. The restraining factor is the growth of oil production in the United States. Today, market participants will expect data on oil reserves in the US from the API, the growth of which could put additional pressure on oil quotes.

• At the moment, WTI crude oil is traded at $ 59.52, adding about + 0.39% to the price.
• Brent crude oil is traded at around $ 62.93, adding about + 0.55% to the price.

Also, see Technical Analysis of Oil.

Alexander Sivtsov