Oil now

At the trading on Thursday, the main oil brands are traded with the strengthening, which was actually caused by data on the decline in petroleum products in the US over the past week. Despite the fact that crude oil inventories rose by more than 7 million barrels, the reason for the optimism of the oil market is the high level of consumption of petroleum products in the United States. As a result, it may indicate a decrease in the US crude oil inventories and an increase in consumption in the oil market.

Technically, the main oil brands returned to weekly highs, which as a result may limit further growth. General negative sentiment in stock markets will also limit the strengthening of oil prices, triggering a correction or the formation of flat.

Look Technical Analysis of Oil.

Brent crude oil traded around $ 66.80, an increase of about + 1.20% in price.

WTI crude oil traded around $ 56.90, an increase of about + 1.30% in price.

Read also: “Stock Indices: Japanese Market”

Dani Leviant

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