Oil today: oil quotes remain under pressure

On Wednesday, oil prices remain at the opening level of the day, remaining under the pressure of data on oil reserves in the US from the API. Thus, the latest API report showed an unexpected increase in crude oil reserves by 4.8 million barrels per week, which caused a significant decline in optimism in the oil market after a number of declining stocks in the US.

Also, a deterrent factor for oil was the easing of tension around the US withdrawal from Iran’s nuclear deal. Previously, this news was the main driver for the strengthening of oil. But after Europe refused to support the US in this decision, this driver has exhausted itself.

At the moment, Brent crude is traded at around $ 78.00, a decline of about-0.50% in price.

WTI oil is traded at $ 71.10, a decline of about -0.30% in price.

Also, see Technical Analysis of Oil.

Hanzenko Anton