Oil now

Oil was supported by API data, which indicated a significant reduction in US oil inventories by 5.2 million barrels per week. At the same time, official EIA data will be released today at the American session. Passive support for oil continues to be provided by the expectations of the introduction of sanctions against Iran, which, against the background of a general decline in supply, may serve as an excuse for the growth of oil quotations.

As a result, oil quotes have slowed down the monthly downward dynamics and are preparing for a reversal of the trend. But along with this, further growth in the cost of oil can be limited to technical factors.

Look Technical Analysis of Oil.

At the moment, Brent crude oil is trading around $ 73.90, with growth of about 1.80% in price.

WTI brand oil is trading at $ 66.90, with an increase of about 1.70% in price.

Read also: “Emerging markets and their prospects: South African Rand (ZAR)”

Dani Levitan

Earn with the help of the trade service on the news Erste News!

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