Oil now
On Thursday, oil quotes traded with a strengthening, but limited to the growth of supply in the global oil market. Support for oil prices has a correction after the recent collapse and optimism in stock markets. Correctional movement on oil remains limited by further growth in supply, as indicated by the latest API data, which showed an increase in the US oil inventories by 8.8 million barrels. It heightened concerns about the upcoming EIA report, which will be released today.
The growth of oil inventories in the United States also caused the multidirectional movement of the main oil brands – Brent and WTI. Thus, the WTI oil brand is more prone to decline due to the growth in supply in the United States, which caused multidirectional dynamics. General downtrend in major oil brands remains and a recent correction indicates a downside potential.
Look Technical Analysis of Oil.
At the moment, Brent crude is trading around $ 66.60, an increase of about + 0.70% in price.
WTI crude oil trades at $ 56.30, an increase of about + 0.10% in price.
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Dani Leviant
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