Oil now
On Wednesday, the main oil brands are trading very restrained near the opening of the day, actually keeping the lateral dynamics of recent days waiting for data on the US oil reserves. API’s previously published data on oil reserves showed a significant increase in crude oil reserves. Conditions of slowing consumption in China and a fairly high level of supply are a very negative factor for the cost of oil. It is also worth noting the very negative expectations for oil regarding the upcoming EIA report, from which further growth in production in the States is expected.
The oil market remains under pressure, traiding near monthly lows, despite the exacerbation of tension in the Middle East. Despite the limited supply of oil from OPEC, the growth in supply from the United States and the fear of reduced consumption continue to put pressure on the oil market.
Look Technical Analysis.
Brent crude oil is traded in the region of $ 70.70, a decrease of about -0.60% in price.
WTI crude is traded at around $ 61.10, a decline of about -1.00% in price.
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Dani Leviant
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