Oil now

By the end of the week, oil quotes accelerated the decline on fears of rising supply. The reason for the growth of pessimism in the oil market was the increase in oil exports from Saudi Arabia, which casts doubt on the possibility that OPEC will agree to reduce oil production. Also remain not encouraging data on oil inventories in the United States, which show a steady increase in oil reserves.

As a result, the week is closed by updating the lows for oil, confirming the downtrend. Expectations to reduce US oil production remain very uncertain.

Look Technical Analysis of Oil.

At the moment, Brent crude is traded at around $ 61.00, a decrease of about -2.60% in price.

WTI crude oil trades at $ 52.30, a decrease of about -4.30% in price.

Read also: “Elliott Wave Theory: Prediction of the Correction and Channel Formation”

Dani Leviant

Earn with the help of the trade service on the news Erste News!

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