Oil now

On Wednesday, the main oil brands accelerated their decline after updating of five-month highs. The reason for the decline in the cost of oil was the growth of pessimism in the stock markets of Asia, and after Europe. Also it is worth to note the attempts of correction of the US dollar before publishing the results of the US Federal Reserve meeting. The technical correction also plays a negative role for oil, especially before the publication of weekly oil inventories in the United States from the EIA.

Previously, according to API, oil reserves in the United States for the week decreased by 2 million barrels. Judging by the dynamics of this EIA, a significant decrease may be caused by an increase in demand for petroleum products. But it is also worth noting that in the face of rising US production, the dynamics of declines in distillates and gasoline may slow down. It also adversely affects the cost of oil before the publication of the EIA report.

Look Technical Analysis of Oil.

Brent crude is traded in the region of $ 67.20, a decline of about -0.60% in price.

WTI oil is traded at around $ 58.60, a decline of about -1.10% in price.

Read also: “5 useful trader habits”

Dani Leviant

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

Topical articles of the trader’s blog:

1. Prospects for Boeing shares after the planes crash
2. The US Dollar Index (DXY) as an auxiliary indicator for trading in safe haven currencies
3. 3 major mistakes of  traders-beginners

Current Investment ideas:

1. Walt Disney shares are ready for the spring growth! Earn on a ready-made investment idea!
2. Johnson & Johnson shares are growing again! Connect to an investment idea now!