Oil now

With the opening of the new working week, the main oil brands moved to correction after a significant collapse last week. The reason for the growth in oil prices was the technical correction after the decline, which was intensified by the reduction of risks regarding a trade war. In addition to the attempts of correction, the oil market remains under the pressure from downward weekly dynamics. The main driver for the sale of oil continues to be the risks of slowing the global economy and maintaining a high level of supply from the US.

The overall dynamics of the oil market remains under the pressure, forming a steady downward channel, which is still limited by oversold and opening levels in February of the current year.

Look Technical Analysis of Oil.

Brent crude is traded at around $ 62.60, an increase of about + 1.00% in price.

WTI crude oil is traded in the region of $ 54.40, an increase of about + 1.60% in price.

Read also: “US dollar index (DXY) as an auxiliary indicator
for trading in safe haven currencies”

Dani Leviant

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