Oil now

On Tuesday trading oil prices are decreasing after the representative of Saudi Arabia said that his country will increase oil production to 11 million barrels per day, which will keep promises to compensate the Iranian proposal, which will be abbreviated as sanctions. An additional factor in reducing the cost of oil was general negative sentiment that persists in the market and causes investors to flee risks.

As a result, both oil brands are traded at the September’s level, updating the minimum. Oversoldness and the expectation of data on oil inventories in the US from the API, which will be released today at the end of the day are the limiting factors in further reducing the cost of oil. At the same time, even with an increase in oil reserves in the United States, a further decline in oil is likely to be limited to oversold.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading in the region of $ 78.30, a decline of about -1.90% in price.

WTI crude oil trades at $ 68.30, a decline of about -1.30% in price.

Read also: “Ichimoku Kinko Hyo indicator – It works easier than it looks”

Dani Leviant

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

Topical articles of the trader’s blog:

1. The US economy continues its growth, confirming the rates hike policy.
2. Prospects for recovery of emerging markets.
3. Trump presidency results (1/2).

Current Investment ideas:

1. Easier on corners! Intel shares can bring a good profit on the reversal!
2. The consumer giant is weakening to resume the growth! Connect!