Oil now

Oil received support on the weakness of the US dollar, but is limited to the highs of the current week. The general decline in the US dollar and the growth of optimism in the stock markets contributes to the correction for oil, which also remains a oversold significantly. At the same time, concerns about the growth of supply in the oil market continue to exert major pressure on the price of oil. Thus, the latest API data showed an increase in oil reserves over the week by 7.8 million barrels, which confirms market concerns that US crude oil inventories will increase for the seventh consecutive week.

As a result, this increase in cost can only be a correction before decline, which will open the way for oil sellers to new lows. In addition to US statistics, the oil market continues to maintain a very pessimistic attitude due to the limited sanctions against Iran and on the increase in oil production in Saudi Arabia and Russia.

Look  Technical Analysis of Oil.

At the moment, Brent crude is trading around $ 73.60, an increase of about + 1.60% in price.

WTI crude oil trades at $ 62.90, an increase of about + 1.30% 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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