Oil now
The oil market from the start of trading on Friday is trading very restrained after rapid growth yesterday. The reason for yesterday’s strengthening of oil prices was the data that the US may delay the introduction of trade duties relative to Mexico. Additional support for the oil market was provided by the data that Saudi Arabia and Russia will continue to cooperate, coordinating their actions, thereby implying further cooperation under the OPEC + agreement to restrict oil production.
Thus, the main oil brands managed to retreat from multi-month lows, forming a kind of reversal at a rebound, which may indicate further attempts to increase oil. The overall dynamics of the oil market remains downward.
Look Technical Analysis of Oil.
Brent crude oil is traded in the region of $ 62.30, an increase of about + 1.00% in price.
WTI crude oil is traded in the region of $ 53.10, an increase of about + 1.00% in price.
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Dani Leviant
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