Oil now

The main oil brands are growing at the trading on Wednesday, receiving support from lower exports from Venezuela. The US sanctions against Venezuela are expected to reduce supply by 0.5 million barrels per day. At the same time, this reduction will probably not fully affect the overall supply of the oil market, since it does not apply to key oil consumers: China and India. At the same time, oil production in the United States remains near record levels of 12 million barrels per day, which puts considerable pressure on the oil market.

The main oil brands continue to trade in the lateral dynamics of recent weeks, limited to the highs of January. The upcoming data on the US oil inventories are likely to indicate an increase in the US oil reserves and confirm an increase in oil production in the United States, triggering a new wave of oil sales.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 61.90, an increase of about + 1.10% in price.

WTI crude oil trades at $ 53.90, an increase of about + 1.20% in price.

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Dani Leviant

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