Oil now

The oil market returned to growth after the decline, which was caused by the publication of API data on the US oil inventories and OPEC expectations. API data showed an unexpected decline in the US crude oil inventories by 0.5 million barrels per week. A representative of OPEC announced the creation of a significant reduction in the production of shale oil in the United States in the coming 2020. This has provided a significant support to the oil market.

Waiting for official data from the EIA on the US oil inventories and the preservation of pessimistic sentiment on stock exchanges have a restraining effect on the oil market. So, the main oil brands remain limited by the uncertainty and highs of the current month.

Look Technical Analysis.

Brent crude oil is trading around $ 62.70, an increase of about + 0.60% in price.

WTI crude oil is trading around $ 57.50, an increase of about + 0.60% in price.

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Dani Leviant

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