Oil now
Oil is trading with a strengthening at the end of the week, despite rising US oil inventories. Support for oil quotes provided optimism on the stock exchanges and the expectation of the conclusion of the US – China trade talks. As a result, the main oil brands resumed their growth and are traded at the level of last November.
Technically, oil remains overbought, which may limit its growth in the short term. On higher timeframes, oil quotes continue to trade in an uptrend. Also, oil is supported by the formation of the “inverted head and shoulders” reversal pattern.
Look Technical Analysis of Oil.
At the moment, Brent crude is trading at $ 67.40, an increase of about + 0.50% in price.
WTI crude oil trades at $ 57.240, an increase of about + 0.80% in price.
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Dani Leviant
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