Oil now - Ester Holdings

Oil now

On Wednesday trading, major oil brands continue to be strengthened, supported by many factors. Thus, the recent agreement of OPEC to cut oil production is the main driver for slowing down general downward trend in oil. Oil also receives support from data on interruptions in the supply of oil from Libya and the general increase in optimism on stock exchanges associated with a decrease in tension in the trade confrontation between the United States and China. The main factor causing the growth of optimism is the API data, which showed a noticeable decline in the US oil inventories for the week.

With all the optimistic data, general dynamics of oil continues to be limited by the lateral dynamics of recent weeks, forming the bottom and waiting for the data on US oil inventories from the EIA and evidence of a reduction in supply to the oil market. Obviously, it will begin to be felt from January 2019, when OPEC agreement on limiting oil production comes into force. But the risks of slowing demand remain the main risk factor.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 61.20, an increase of about + 1.70% in price.


WTI crude oil trades at $ 52.60, an increase of about + 1.90% in price.


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