Oil now
At trading on Monday, oil traded with restrained growth, after it opened the day with a noticeable decline of about 1%. The reason for the negative opening of trading on oil was the comments of US President D. Trump that Saudi Arabia can increase oil production if necessary. In addition to this statement, the pressure on oil quotes is exerted by new quotas for oil production in OPEC and non-cartel countries, which came into effect on July 1, and will be gradually built up.
Also, negative sentiments remain in the market, which reduce the demand for risky assets. In turn, a strong US dollar also limits the strengthening of oil prices.
Look Technical Analysis of Oil.
At the moment, Brent crude is trading around $ 78.50, a decline of about-0.90% in price.
WTI oil is trading at $ 73.90, a decline of about-0.50% in price.
Read also: “The economy of Mexico – it’s time to pay attention to the Mexican peso!”
Dani Levitan