Oil now

Oil maintains a positive trend on the data that the US embassy in Baghdad was evacuated due to fears from Iran. This greatly increased the tension of the armed conflict in the Middle East. In the face of increasing risks in the region, oil prices maintain an upward trend, virtually completely ignoring the latest data on the growth of oil reserves in the United States.

Despite the fact that the main oil brands are trading near weekly highs, and fears of exacerbated risks contribute to higher oil prices, the dynamics of oil prices remain restrained and limited to the side channel. Increased oil volatility is associated with geopolitical risks. It is also worth noting that the overall dynamics of oil remains downward, which further limits the growth of oil, despite its overbought.

Look Technical Analysis.

Brent crude is traded at around $ 72.20, an increase of about + 0.60% in price.

WTI oil is traded at about $ 62.50, an increase of about + 0.80% in price.

Read also: “Multifactor analysis: INTRODUCTION”

Dani Leviant

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