Oil now

The oil market on Thursday remains under the pressure from negative sentiment expecting the growth in the US oil inventories. The latest API report showed a significant increase in the US crude oil inventories by 10.5 million barrels over the past week. This corresponds to the maximum increase in oil reserves over the past two years. As a result, the EIA maintains restrained downward dynamics on expectations of official oil reserves.

Major oil brands continue to be traded in the side channels of the current week, limiting themselves to resistance levels at the highs of October 16 and 14, and from below the lows of October 15 and 10.

Look Technical Analysis.

Brent crude is trading around $ 59.20, a decline of about -0.30% in price.

WTI crude oil is trading at around $ 53.10, a decline of about -0.50% in price.

Read also: “G20 Summit – what to expect and to beware of”

Dani Leviant

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