Oil now

Oil is growing on data about the reduction of oil reserves in the United States, interruptions in supplies from Libya and Canada and the expectations of sanctions against Iran. The data on disruptions in oil supplies from Canada and Libya continue to provide direct support to oil, but this factor remains short-lived, as interruptions in Canada are caused by repair work, and in Libya by armed conflict, which remain short-lived.

Regarding Iran and new US sanctions, it is a much longer process, although it will limit Iranian oil gradually, which will provide long-term support for oil.

At the same time, the oil market has shifted attention to the data on oil reseves in the US from the EIA, which will come out today. Previous statistics from the API showed a record drop in oil reserves in the US for a week, which have a positive impact on the oil market.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading around $ 76.50, with an increase of about 0.50% in price.

WTI crude oil is trading at $ 71.10, an increase of about + 0.90% in price.

Read also: “Oil market: correction or growth limit?”

Dani Levitan