Oil now
On Friday trading, oil is trading lower on the data on the return of Libyan oil to the market and the possibility of reviewing sanctions against Iran. Also, the reduction of the main brands of oil is facilitated by the technical correction of the positions before the weekend to preserve the risks around the trade confrontation.
On the other hand, it should be noted that oil quotes remain near the monthly minimums, and the overall supply deficit on the market remains, which is also confirmed by data on oil inventories in the US over the past week. Therefore, further reduction of oil is possible only under the influence of fundamental factors.
Look Technical Analysis of Oil.
At the moment, Brent crude is trading around $ 74.10, a decline of about -0.40% in price.
WTI oil is trading at $ 70.20, a decline of about -0.10% in price.
Read also: “Forex Averaging Strategy”
Dani Levitan
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