Oil now
At the start of the week, the main oil brands are trading with a strengthening. The reason for the growth in oil prices is the technical correction after Friday’s decline. On Friday, the pressure on oil came from the general strengthening of the dollar. In addition to technical factors, the driver for the strengthening of oil is general optimism in the stock markets and the issue of the US-China trade relations. Thus, the market has already taken into account certain positive effects from trade negotiations and expects a resumption of global economic growth, which will also have a positive impact on the oil market.
The overall picture of the oil market remains descendingly restrained. This is due to the recent criticism of Trump toward OPEC and an attempt to increase the cost of oil. As a result, it slowed down the overall upward trend in oil and caused the formation of a weekly flat.
Look Technical Analysis of Oil.
At the moment, Brent crude is trading at around $ 65.60, an increase of about + 0.80% in price.
WTI crude oil trades at $ 56.30, an increase of about + 0.80% in price.
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Dani Leviant
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