Oil now

Oil quotes remain under pressure at the start of the week after reports that the United States could ease sanctions against Iran, which, as expected, will come into force on November 4. As a result, oil has shifted to a decline in anticipation of rising consumption of Iranian oil. Also, additional pressure on the oil market was exerted by the statement of Saudi Arabia, which is ready to cut off Iran’s supply with its own production.

The main purpose of these statements remains to limit the growth of oil prices, in which the US plays the main role. Technically, the oil quotations of the main brands moved to the correction, limited to the lows of October. And if the statements of Saudi Arabia will confirmed, the oil market expects a deeper correction.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 82.80, a decrease of about -1.50% in price.

WTI crude oil trades at $ 73.30, an increase of about -1.40% in price.

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Dani Leviant

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

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