Oil now

The oil market on Tuesday is traded in different directions from the start of the day. After updating the current week lows, the main oil brands moved to correction. The reason for the restrained pessimistic sentiment in the oil market remains trade risks and signs of a slowdown in the global economy. Against this background, the prospects for the growth of oil consumption look very cloudy.

At the same time, the general dynamics of oil, despite the formation of lows on October 14 and 15, remains restrained downward. In the future, this may slow down the downward trend of oil. Major oil brands from above are limited to highs on October 10 and 11.

Look Technical Analysis.

Brent crude oil is trading around $ 59.20, a decline of about -0.20% in price.

WTI crude oil is trading around $ 53.40, a decline of about -0.40% in price.

Read also: “The ECB is preparing a stimulus package”

Dani Leviant

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

Topical articles of the trader’s blog:

1. The results of the US-China trade talks
2. Cloudy prospects for the  oil market 
3. Risks of global economic slowdown are escalating

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