Oil now
At the opening of trading on Monday, oil quotes show a decline in the pessimistic market sentiment. The reason for the decline in oil prices was the data on the increase in drilling activity in the United States. Thus, the latest data on the number of drilling rigs in the United States showed a significant increase in active rigs, which amounted to 862 units against 825 a week earlier, amid data that the United States in terms of production approached 12 million barrels per day. This indicates a significant increase in supply from the States. In addition, it is worth noting the lower demand from China, which worsen significantly the position of the oil market in its balance of supply and demand.
The main oil brands of oil remain near weekly lows, maintaining lateral dynamics and pointing to the continued uncertainty in the oil market, but remaining above monthly lows, which indicates that the market is not ready to resume the decline.
Look Technical Analysis of Oil.
At the moment, Brent crude is trading at around $ 60.60, a decrease of about -1.60% in price.
WTI crude oil trades at $ 52.80, a decline of about -1.70% in price.
Read also: “Elliott Waves: Wave Formations”
Dani Leviant
Earn with the help of the trade service on the news Erste News!
Topical articles of the trader’s blog:
- Long-term investment in currency pairs! The USD/DKK pair!
- Another “Top 5” books on trading. It can’t be too much information!
- Long-term investment in currency pairs! The EUR/JPY pair!
Current Investment ideas: