Oil now

On Wednesday, the main oil brands returned to their five-month highs. The rapid strengthening of the cost of oil was due to a number of data. Thus, the National Bureau of Statistics of China reported a significant increase in the consumption of crude oil refineries in China to the level of 53 million tons. It has become the main driver for the strengthening of oil prices in the market. Also it worth noting the API report on oil reserves in the US, which showed a decrease in reserves of more than 3 million barrels for the week. Against the background of previous statistics on oil and petroleum products, which showed a decline, it is very plausible.

Today there will be an official report on stocks of crude oil and petroleum products in the United States from the EIA, which is expected to further reduce stocks. As a result, the main oil brands continue to trade near the highs of 2019.

Look Technical Analysis of Oil.

Brent crude oil is traded near of $ 72.20, an increase of about + 0.70% in price.

WTI oil is traded at about $ 64.50, an increase of about + 0.70% in price.

Read also: “Cross-rates Trading Strategies “

Dani Leviant

Earn with the help of the trade service on the news Erste News!

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