Oil now
On Friday, the main oil brands are traded in different directions. So, with the opening of trading on Friday, oil has updated this year high, helped by lower oil production in Venezuela and lower oil reserves in the United States. Also previously reported a decrease in exports from OPEC. But, after the publication of the International Energy Agency (IEA) report, oil quotes came to a decrease. The IEA said it expects a slight increase in the deficit in the second quarter of the oil market. But the fact that OPEC has the capacity and oil reserves that can completely cover the shortage of supply associated with sanctions against Venezuela.
As a result, the main oil brands were under pressure from the adjusting for the correction of positions after growth and before the weekend. And the fact that OPEC retains significant oil reserves casts doubt on the natural balance of supply and demand in the oil market.
Look Technical Analysis of Oil.
Brent crude is traded in the region of $ 66.70, a decrease of about -0.80% in price.
WTI oil is traded at around $ 58.30, a decrease of about -0.60% in price.
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Dani Leviant
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