Oil now

On Tuesday, the oil market continues to decline with restraint. From the beginning of the day, the main oil brands retreated from monthly lows for correction. The overall dynamics of oil remains downward. Drivers to reduce the cost of oil are the risks of exacerbation of the trade confrontation between the United States and China and the expectation of data on oil reserves in the United States. Thus, the latest statistics on oil reserves and oil production in the USA showed a significant increase in supply. The upcoming reports are also expected to maintain similar dynamics, which may enhance the already high level of supply in the oil market.

At the same time, the main oil brandsremain in monthly descending channels, limited to local minima. On larger timeframes, oil keeps uptrends, bargaining near significant support levels.

Look Technical Analysis.

Brent crude is traded in the region of $ 70.70, a decrease of about -0.80% in price.

WTI crude oil is traded in the region of $ 61.90, a decrease of about -0.50% in price.

Read also: “Prospects for the recovery of emerging markets”

Dani Leviant

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

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