Oil went to the correction

After the oil prices significantly strengthened their positions during today’s trading, which was caused by the termination of the Forties pipeline, oil prices moved downwards at the beginning of the American session. This decline in oil quotations is caused by a partial profit-taking by investors in anticipation of data on crude oil reserves in the US. Also, in addition to data on stocks, market participants will focus on the OPEC monthly report on the market, which will be published on Wednesday.

• At the moment, WTI oil is trading at $ 57.78, losing about -0.36% in price.
• Brent crude oil is trading at around $ 64.53, losing about -0.25% in price.

Also, see Technical Analysis of Oil.

Alexander Sivtsov