Oil now

Major oil brands remain at the opening of the day level after updating multi-month highs. The reason for the restraint of the oil market after growth is the technical correction and the lack of significant drivers for growth. The risks of a slowdown in the global economy and a slowdown in the decline in production in OPEC are risk factors that have previously provided support to the oil market.

After updating the five-month highs, the main oil brands remain overbought and are being traded near the significant resistance levels and the upper borders of the trade channels. As a result, the possibility of a moderate correction is not excluded.

Look Technical Analysis of Oil.

Brent crude oil traded around $ 70.90, a decrease of about -0.20% in price.

WTI oil is traded at about $ 64.50, a rise of about + 0.20% in price.

Read also: “Stock Indices: the US Market”

Dani Leviant

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