Oil (current news)
Oil prices fell slightly during Asian trading and continue to move in a narrow range after the Friday rally. The main reason for oil increase was wish of Saudi Arabia to extend the OPEC + pact also for 2019, as Saudi Energy Minister Khalid al-Falih stated. The tense geopolitical situation in the Middle East continues to exert additional support for oil prices.
The appointment of John Bolton to the post of adviser to the US President Donald Trump on national security.
Bolton is a supporter of tough stance towards countries such as North Korea, Cuba, Iran and Russia, which increases the possibility of imposing new sanctions against Iran. The reason for the decline in oil prices on Monday is the partial profit-taking by investors, as well as the growth of drilling rigs in the US. According to data from Baker Hughes, the number of drilling rigs increased by 4 units in the previous week and amounted to 804 units.
- At the moment, WTI crude oil is trading at $ 65.59, losing about -0.44% in price.
- Brent crude oil is trading around $ 69.62, losing about -0.29% in price.
Also look Technical Analysis of Oil
Alexander Sivtsov