Oil now

The oil market remains under the pressure after the publication of EIA data on the US oil inventories, which showed a slight decrease in the US crude oil reserves and an increase in the US production to historic highs. Additional pressure on oil came from the data that the US was introducing trade duties of 5% on goods from Mexico, causing an increase in concerns about the trade war and the global economic slowdown.

As a result, the oil market has shown one of the strongest declines in recent months, lowering the cost of major oil brands to the levels of early February of this year. The downward trend and the formation of a general downward correction against the strengthening at the beginning of this year was confirmed. In the short term, a further decline in oil will be limited by its oversold.

Look Technical Analysis.

Brent crude oil is traded in the region of $ 63.40, a decrease of about -3.00% in price.

WTI crude oil is traded in the region of $ 55.10, an increase of about 2.60% in price.

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Dani Leviant

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