Oil now

Major oil brands returned to growth after yesterday’s decline. The reason for the strengthening of oil prices was the general growth of optimism in the market and the data that China is going to increase budget spending to maintain its economy. Also it is worth noting the Davos forum, which provides indirect support for optimistic market sentiment.

Oil quotes from the start of the day are traded with a strengthening after almost 2% decline, limited to the highs of the week. In conditions of maintaining optimism, yesterday’s decline can only be a correction to further growth, but only if buyers manage to update the weekly high.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 62.00, an increase of about + 0.80% in price.

WTI crude oil trades at $ 53.40, an increase of about + 0.80% in price.

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Dani Leviant

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