Oil now

On Tuesday, the oil quotes of the main brands traded in different directions, remaining at the opening of the day and limited to annual highs. The main reason for the restraint of the oil market remains its overbought due to the expectation of sanctions against Iran. According to rough estimates, because of the sanctions against Iran, the oil market will lose about 1.5 million barrels per day, which is the main factor behind the rise in oil prices.

Technically, reaching by the oil price of 2014 year indicates that the market has taken into account this reduction in supply. Due to the seasonal growth in energy demand, this growth may continue, thereby overestimating the reduction in supply in the oil market.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 84.80, a decrease of about -0.20% in price.

 WTI crude oil trades at $ 75.60, an increase of about + 0.40% in price.

Read also: “Dictionary of the trader for trading on the Forex market”

Dani Leviant

Earn with the help of the trade service on the news Erste News!

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