Oil now
The oil market at the start of the day remains restrained, despite the growth of optimism on the stock exchanges. The reason for the restraint of the oil market, and in the future to accelerate the decline, was the growth of pessimism around the slowdown in oil demand. The reason for the pessimism in the oil market remains the risks of the aggravation of the US-China trade war. Also, pressure on the major oil brands was exerted by API data on oil reserves in the USA from API and expectations for the EIA report, which will be released today. So, the latest API data showed a moderate decline in the US oil reserves, which indicated a slowdown in the reduction of crude oil inventories. In conditions of low demand, this may increase supply in the oil market.
The main oil brands while waiting for the data on oil inventories in the United States, returned to six-month lows. This June lows are significant support.
Look Technical Analysis.
Brent crude oil is trading around $ 57.80, a decline of about -1.90% in price.
WTI crude oil is trading around $ 52.30, a decrease of about -2.50% in price.
Read also: “Geopolitical risks for the beginning of 2019! (Part 3)”
Dani Leviant
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