Oil now

Oil quotes continue to be limited by the side weekly trend while waiting for the results of the OPEC meeting and the G20 summit. Also, some support to oil was provided by the latest API data, which indicated a noticeable reduction in US gasoline stocks, which ultimately may indicate a slowdown in US oil inventories growth in the future. It is worth noting that the crude oil reserves in the United States have maintained growth for a long time, which confirms the increase in supply in the market.

An additional factor in the slowdown in the decline in oil prices is the expectations that OPEC will return to oil production quotas, as was the case in 2017. At the same time, judging by the growth of production in Saudi Arabia and US policy, it is highly unlikely.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading around $ 60.30, a decrease of about -0.10% in price.

WTI crude oil trades at $ 51.50, a decrease of about -0.05% in price.

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Dani Leviant

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