Oil (current news)

Oil prices continue to decline at the beginning of the European session. The main pressure at the moment is the strong position of the US dollar, against which the imported oil has become more expensive for other countries. In turn, the decline in oil prices is constrained due to strong demand in Asia, especially in China, as well as the OPEC + pact to reduce the volume of raw materials. Saudi Arabia has decided to export no more than 7 million barrels of oil per day and further reduce the production by 100,000 barrels per day.

• At the moment, WTI oil is traded at $ 61.12, losing about -1.08% in price.
• Brent crude oil is traded at around $ 64.67, losing about -0.89% in price.

Also, see Technical Analysis of Oil.

Alexander Sivtsov