Oil now

On Wednesday trades, oil quotes are traded with a restrained strengthening while waiting for EIA data on the US oil inventories  today. Restrained support for oil continues to provide optimism in the stock markets, a statement by Saudi Arabia to reduce export volumes and API data, which showed a decrease in the US oil reserves by 2.58 million barrels for the week.

Expectations from today’s EIA report remain more modest and indicate a slight increase in the US oil reserves over the week. A week earlier, crude oil inventories in the United States increased significantly, but the reserves of petroleum products fell sharply. In the end, this supported the oil quotes. If oil stocks in the US continue to decline at the same pace, oil quotes will receive support.

Look Technical Analysis of Oil.

Brent crude is traded at around $ 67.00, a rise of about + 0.50% in price.

WTI oil is traded at about $ 57.40, up about + 1.00% in price.

Read also: “The Oil market. Prospects and expectations “

Dani Leviant

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