Oil now

Friday’s oil quotes continue to be strengthened, receiving support from optimism and data on cuts in oil production in Russia due to an OPEC agreement on cuts in oil production as part of the normalization of supply. Growing optimism in the market is associated with the expectation of stabilization of trade relations between the United States and China, which, in turn, will cause a decrease in concerns about the global economy and an increase in demand in the oil market.

The main oil brands continue to trade near monthly highs, forming a corrective movement against the decline of the end of 2018. Thus, under conditions of optimism on the market, any decline in oil is considered as a signal to buy, as long as the upward trend remains.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 61.90, an increase of about + 0.40% in price.

WTI crude oil trades at $ 52.90, an increase of about + 0.60% in price.

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Dani Leviant

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