Oil (current news)

Oil prices continue to move in the red zone at the beginning of the European session. The pressure on oil quotes is provided by the growth of oil reserves in the US.

• According to published data from API, oil reserves for the past week increased by 5.661 million barrels, against the growth in the previous period at 0.933 million barrels.

The pressure is also provided by the EIA forecast on the growth of oil production in the US. It is projected that oil production by the fourth quarter will increase by more than 120,000 barrels per day to 11.17 million barrels per day, which exceeds the previous forecast of 11.04 million barrels.

• At the moment, WTI crude oil is traded at $ 62.03, losing about -0.91% in price.
• Brent crude oil is traded around $ 65.17, losing about -0.94% in price.

Also, see Technical Analysis of Oil.

Alexander Sivtsov