Oil (current news)

Oil prices declined slightly during the Asian session and remain fairly low-key in the course of trading on Friday. Part of this dynamics of oil prices is associated with mixed data on oil and petroleum products in the US.

• According to published data, oil reserves fell by -7.419 million barrels over the past week, exceeding the previous decline of -4.609 million barrels.
• In turn, distillate stocks increased by 8.899 million barrels, exceeding previous growth of 1.09 million barrels.
• Gasoline stocks increased by 4.813 million barrels, which exceeds the previous growth of 0.519 million barrels.

It is worth noting that oil prices since the second half of June 2017 have grown by about 45%, the catalyst of which was the expectation of the extension of the OPEC + pact by the end of 2018. At the moment, the balance of supply and demand in the market has not yet reached and prices are mainly rising on investors’ expectations. At a certain time, a sharp drop in oil prices may occur due to the growth in production by oil producers, which are not affected by the OPEC + pact.

• At the moment, WTI crude oil is traded at $ 61.80, losing about -0.34% in price.
• Brent crude oil is traded around $ 67.89, losing about -0.26% in price.

Also, see Technical Analysis of Oil

Alexander Sivtsov