Oil now
In early April, the main oil brands accelerated the growth, updating the March highs. Oil quotes were supported by data on the reduction of oil from OPEC as part of a deliberate reduction and decrease in exports from Venezuela due to US sanctions and power outages. As a result, the uptrend remains on the oil market, which has been strengthened by the optimism of the stock markets against the background of the US-China trade negotiations.
The overall dynamics of the main oil brands remains upward, limited to overbought, but retains the potential for growth. Technically, the main oil brands remain at the level of the middle of November last year. By the end of March, oil growth slowed down on total overbought, indicating the possibility of correction. At the same time, the main drivers for strengthening oil prices are fundamental factors.
Look Technical Analysis.
Brent crude is trading at $ 68.60, a rise of about + 1.50% in price.
WTI oil is traded at about $ 60.80, an increase of about + 1.10% in price.
Read also: “Ichimoku Kinko Hyo – simple application of a difficult indicator”
Dani Leviant
Earn with the help of the trade service on the news Erste News!
Topical articles of the trader’s blog:
World central banks are preparing for lower rates
Prospects for the euro based on the ECB policy
Current Investment ideas:
Johnson & Johnson shares are growing again! Connect to an investment idea now!