Oil now
At the trading on Wednesday, oil prices demonstrate a moderate correction after yesterday’s collapse, which was caused by an increase in supply in the oil market and evidence that global oil consumption is declining. Starting from the middle of the day, oil moved to a correction amid growing optimism in stock markets and technical correction. Oil is also supported by a modest decline in the American currency.
Despite attempts to increase the cost of oil, concerns about growth in supply and reduction in demand for oil continue to grow. Confirming factor of these risks was the recent criticism of US President Trump the OPEC intentions to reduce production volumes. At the same time, the growth of oil production in the USA continues to grow at a rapid pace. As a result, the growth of oil remains a correction before the decline.
Look Technical Analysis of Oil.
At the moment, Brent crude is trading at $ 66.20, an increase of about + 1,910% in price.
WTI crude oil trades at $ 56.20, a decrease of about + 0.90% in price.
Read also: “Analysis of cross-rates in relation to major currency pairs”
Dani Leviant
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