Oil (current news)
Oil prices continue to decline at the beginning of the European session. The main pressure on oil quotes is exerted by is the growth in the number of drilling rigs in the US.
- According to data from Baker Hughes, the number of drilling rigs increased by 5 units and amounted to 825 pieces, which promises further growth in oil production in the US.
In turn, the main support for oil quotes is provided by the expectation of the resumption of sanctions against Iran. On May 12, US President Donald Trump will decide on US participation in a nuclear deal with Iran and will most likely announce the US withdrawal from the deal.
- At the moment, Brent crude is trading at around $ 73.08, losing about -1.81% in price.
- WTI oil is trading at $ 67.44, losing about -0.79% in price.
Also, see Technical Analysis of Oil
Alexander Sivtsov