Oil now
The new week, the main oil brands opened the continuation of Friday’s growth and updated the five-month highs. Thus, the Brent brand fixed above the psychological level of $ 70 per barrel, and WTI above $ 63 per barrel, giving the oil market hope for continued growth, which is still limited to overbought.
The main driver for the rise in oil prices continues to be data on the reduction of exports from OPEC. The possibility of extending restrictions on the supply of oil from OPEC and non-cartel countries will be negotiated at OPEC meetings in May.
So far, the main oil brands are limited by lateral dynamics of overbought and attempts of correction after growth. It may cause a move against Friday, especially against the background of negative market sentiment.
Look Technical Analysis of Oil.
Brent crude oil traded in the region of $ 70.70, an increase of about + 0.50% in price.
WTI crude oil traded in the region of $ 63.30, an increase of about + 0.40% in price.
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Dani Leviant
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