Oil now

At the opening of the new week, the main oil brands are trading down. The reason for the weakening of the oil price was the growing fears of a further slowdown in the growth of the global economy. Also, data on the preservation of tension in the US – China trade relations have become a driver for the growth of concerns.

The growth of pessimism in the stock markets from the start of the day declined slightly, thereby allowing oil to retreat from daily lows. The overall dynamics of the main oil brands remain downward and are trading near weekly lows. At the same time, the overall monthly trend remains upward, indicating that the potential for growth remains, despite the risks.

Look Technical Analysis of Oil.

Brent crude oil traded in the region of $ 66.50, a decrease of about -0.30% in price.

WTI crude oil traded in the region of $ 58.90, a decrease of about -0.10% in price.

Read also: “Some features of the Fibonacci grid”

Dani Leviant

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