Oil now
At the trading on Tuesday, the main oil brands are trading with strengthening against the background of data on the possibility of increasing demand from China and expectations of data on the reduction of oil reserves from the United States. The main support for oil fell on the optimistic market expectations regarding oil inventories in the United States, which is expected to reduce oil reserves for the third consecutive week. This is due to technical factors and the expectation of correction after long-term growth at the end of last year. It is also worth noting the decline in oil production in OPEC, which also contributes to the restrained strengthening of oil.
Technically, the main oil brands continue to trade in a downward correction, showing a slowdown. The main support for oil quotes is located at weekly lows.
Look Technical Analysis of Oil.
At the moment, Brent crude is trading at $ 59.70, an increase of about + 1.20% in price.
WTI crude oil trades at $ 51.10, an increase of about + 1.10% in price.
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Dani Leviant
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