Oil now

The main oil brands moved to a correction at the trading on Wednesday, after yesterday’s collapse in anticipation of an increase in supply. So, the reason for the downward sentiment on oil was the message that Saudi Arabia will continue to increase oil production in order to meet demand. An additional negative factor for the cost of oil was the general flight of investors from risks on the collapse of stock indices and API data on the growth of oil reserves in the United States.

Restrained correction on oil caused by technical correction and the restoration of stock indices. Also, the oil market expects EIA data on US oil reserves, despite the fact that it is expected a noticeable increase in crude oil reserves for the week.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 76.40, a decrease of about -0.10% in price.

WTI crude oil trades at $ 66.80, an increase of about + 0.50% in price.

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Dani Leviant

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