Oil now
On Wednesday, oil quotations are traded lower against the background of API data on the growth of oil inventories in the US and the negative dynamics of stock indices caused by renewed concerns about the trade confrontation between the US and China. So, earlier data on oil inventories in the US from the API showed an increase in crude oil reserves by 5.6 million barrels per week, which raised concerns about the increase in supply in the oil market, which previously contributed to the data on the increase in oil production in OPEC.
The second negative factor putting pressure on oil quotations is the data that the negotiations on the trade agreement between the US and China have reached a deadlock, after a small settlement earlier.
Look Technical Analysis of Oil.
At the moment, Brent crude oil is trading around $ 73.50, a decline of about-0.90% in price.
WTI oil is trading at $ 68.10, a decline of about-0.90% in price.
Read also “US Dollar Index as an additional indicator”
Dani Levitan
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