Oil now - Ester Holdings

Oil now

At the end of the week, oil accelerated the growth significantly on the overall positive background. It was caused by the possibility of reducing the US – China trade tensions and data on slowing oil production in the United States. Thus, according to the message made by the  China representatives, the representatives of the United States and China will return to the negotiating table on January 7-8. They will discuss the possibilities of reducing tension in the trade confrontation. It was one of the key reasons for the growth of optimism in the market and, as a result, the strengthening of oil prices. At the same time, it is worth noting the API report, which showed a significant decrease in oil inventories in the United States by 4.5 million barrels over the week. Thus, oil quotes are trading near monthly highs, moving from annual lows and limited to overbought and opportunity of correction .

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 57.30, an increase of about + 2.40% in price.


WTI crude oil trades at $ 48.10, a decline of about + 2.20% in price.


Read also: “Prospects for the dollar by the end of September and the beginning of October 2018”

Dani Leviant

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