Oil now
On Wednesday, the oil market remains under the pressure, despite continuing stress concerns in the Middle East and API data on decline in the US oil inventories. The latest published API report on the US oil reserves showed a decline in US oil inventories for the week by 0.8 million barrels. Also, oil is supported by the general weakness of the American currency while waiting for the US Federal Reserve meeting results.
For all factors, the dynamics of oil remains downward due to the expectations of the EIA data on the US oil reserves. The overall dynamics of the oil market remains restrainedly ascending, limited to recent highs.
Look Technical Analysis.
Brent crude is trading at $ 61.70, a decrease of about -0.70% in price.
WTI crude oil is traded at around $ 53.70, a decline of about -0.70% in price.
Read also: “Analysis of cross rates in relation to major currency pairs”
Dani Leviant
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