Oil now

At the Friday trading, the main oil brands are trading very restrained on the reduction of optimism and the possibility of correction after a weekly strengthening. Previously, support for oil quotes was provided by sanctions against Venezuela and data on the reduction of oil exports from OPEC. As a result, it allowed oil to update monthly highs. But oil also slowed growth amid a correction in positions before the weekend and a decrease in optimism in the stock markets.

Technically, it is worth noting a significant overbought of oil prices in relation to the past week. As a result, the possibility of a technical reduction in the cost of oil at a downward correction is not excluded.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 64.90, an increase of about + 0.60% in price.

WTI crude oil trades at $ 54.70, an increase of about + 0.60% in price.

Read also: ” Cross-rates Trading Strategies”

Dani Leviant

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