Oil now - Ester Holdings

Oil now

Oil quotes of major oil brands on Wednesday remain at the opening of the day, limited to uncertainty in the oil market. The reason for the preservation of uncertainty is the persistence of risks of reducing the supply on the oil market due to the US sanctions against Iran and information that oil production in the Gulf of Mexico is declining due to the approach of Hurricane Michael. A constraining factor in strengthening the cost of oil is the growing doubts about the amount of the US sanctions against Iran and the ability of Saudi Arabia to compensate for this reduction in supply.

As a result, the situation on the oil market is ambiguous. On the one hand, the expectation of sanctions against Iran, restricting the proposal, and the hurricane, which reduced production in the Gulf of Mexico; on the other hand, the possibility of a weakening of US sanctions, which will cause a decrease in the cost of oil after prolonged growth. The oil market also expects data on the US oil inventories.  Preliminary data for it will be released today at the end of the day.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading around $ 84.90, a decrease of about -0.10% in price.


WTI crude oil trades at $ 74.90, a decrease of about -0.10% in price.


Read also: “What Does History Matter for the Forex Market?”

Dani Leviant

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