Oil now

After attempts of growth at the start of the day, prices for major oil brands returned to decline. The reason for the decline in oil prices were fears of a slowdown in the global economy and maintaining a high level of supply in the oil market, which maintains a negative mood in the oil market. At the same time, the recent limitation of OPEC oil production by 1.2 million barrels per day only slowed down the downward trend, and did not provide adequate support for oil prices.

In the face of declining activity in the market before the holidays, the growth of pessimism increases due to the flight of investors into safe assets. Thus, oil and commodity currencies remain under pressure, while oil prices should be expected to update annual lows, which will be limited to downward channels.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at around $ 53.70, a decrease of about -0.80% in price.

WTI crude oil trades at $ 44.90, a decline of about -1.50% in price.

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Dani Leviant

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

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