Oil now

Oil quotes slowed growth on the increasing risks around the US trade confrontation. After it became known that the US is preparing a new package of duties on Chinese goods, increased negative sentiment in the market and caused the sale of risky assets. Oil in this situation was no exception and was limited to overbought, after the upward rally on data on the reduction of oil inventories in the US.

Despite the fact that the slowing of the upward trend in oil is far away, the risks of a trade war remain significant for the raw materials market, and not just for emerging markets. The main factor that keeps optimism in the oil market remains the expectation of a reduction in supply in Iran and Venezuela. At the same time, a slowdown in oil consumption can quickly change the mood in the oil market.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading around $ 77.60, a decline of about-0.50% in price.

WTI oil is trading at $ 69.70, a decline of about -0.70% in price.

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Dani Levitan

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