Oil now

The oil market remains under pressure, updating weekly lows. The reason for this was the EIA report, which showed an increase in supply in the oil market. Additional pressure on the oil market had data that the US president is considering the possibility of easing sanctions against Iran. In conditions of low demand, this can cause a significant increase in supply due to the return of Iranian oil to the market.

Major brands of oil, after updating monthly highs, rushed to the September lows, for example, September 3 minimum is a significant support. It is worth noting that the major oil brands are oversold, but with the weakening of the US sanctions against Iran, pressure on the oil market will increase.

Look Technical Analysis.

Brent crude oil is trading around $ 59.40, a decrease of about -2.30% in price.

WTI crude oil is trading around $ 54.50, a decrease of about -2.30% in price.

Read also: “Cryptocurrencies as a  new safe haven assets”

Dani Leviant

---

Earn with the help of the trade service on the news Erste News!

Topical articles of the trader’s blog:

1. Oil market: does it form a reversal or maintain lateral dynamics
2. The British pound is growing on Johnson’s failures
3. Boris Johnson leads the UK to a tough Brexit

Current Investment ideas:

1. Selling Alcoa shares makes a profit! Three reasons to connect now!
2. Technology giant Microsoft is getting ready to storm new highs! Let’s make money on it!
3. Buy Citigroup Inc. shares now and make a profit in early October!