Oil now

On Thursday, the oil market remains restrained after significant growth on Wednesday. Earlier, support for oil quotes was provided by data on a reduction in supply and a general increase in optimism. At the same time, it is worth noting a significant overbought on the main oil brands, which was formed after growth. General dynamics of the oil market is limited by monthly lateral dynamics. At the same time, major oil brands remain near monthly highs and significant resistance levels.

In the conditions of overbought, the restraining factor for the oil market remains the expectation of EIA data on the US oil inventories, which will be released today. Previously, data on weekly oil inventories in the US from API were released, showing an increase in reserves of 0.4 million barrels. What can be regarded as a signal to increase oil reserves in the United States. Given the overbought oil after growth, data on the growth of oil reserves in the United States may cause a more rapid decline in oil prices than their growth in the face of reduced reserves.

Look Technical Analysis.

Brent crude oil is trading around $ 60.80, an increase of about + 0.10% in price.

WTI crude oil is trading around $ 56.10, an increase of about -0.20% in price.

Read also: “The Impact of the Trade War on the US Stock Market”

Dani Leviant

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