Oil now

Oil prices show a slight decrease in trading on Wednesday, returning to growth on the optimistic market expectations regarding the limitation of oil production in OPEC and Russia. At the same time, the limiting factor for oil is the uncertainty on the stock exchanges associated with the risks of the the United States and China trade confrontation.

Also, the main negative factor for the oil market continues to be API data on the growth of US oil inventories. As a result, the focus is on data on US oil inventories from the EIA, which will be released today. So far, significant support for the major oil brands is located at weekly lows, but amid rising oil reserves in the US and maintaining pessimism, the week lows may be updated.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 61.80, a decrease of about -0.30% in price.

WTI crude oil trades at $ 53.10, a decrease of about -0.20% in price.

Read also: “Oil market: correction or growth limit”

Dani Leviant

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