Oil (current news)

Oil prices remain positive at the beginning of the European session. The main support for oil prices is provided by the termination of the Forties pipeline, as well as signs of a possible slowdown in the growth of oil production in the United States.

According to data by Baker Hughes, the number of drilling rigs for the past week decreased by 4 units and amounted to 747 units. It is also worth noting that the gap between the cost of Brent and WTI oil is about $ 6.00, which is quite a big value. So, the reduction of the gap is possible by the WTI price increase or a Brent price reduction, which is a more likely scenario.

• At the moment, WTI crude oil is trading at $ 57.72, adding about + 0.68% to the price.
• Brent crude oil is trading at around $ 63.72, adding about + 0.77% to the price.

Also, see Technical Analysis of Oil.

Alexander Sivtsov