Oil now
On Tuesday, the oil market continues to be under the pressure from negative sentiment and signs of a slowdown in the global economy. In the context of trading risks in the market, concerns about the recession of the world economy have increased significantly. Thus, the reduction in oil consumption by China and other large consumers remains the main driver to reduce the cost of oil.
Despite the statements of OPEC on the reduction of exports, the overall negative sentiment and market dynamics remain more significant. Also it is worth noting the record volume of oil production in the United States of 12.3 million barrels per day, which make it the world leader in crude oil production.
The oil market, despite the increase in supply, largely depends on the risks of reducing consumption in the slowdown of the global economy. This opens up the way for major oil brands to annual lows.
Look Technical Analysis.
Brent crude is trading at $ 60.40, a decline of about -1.50% in price.
WTI oil is traded at around $ 52.50, a decline of about -1.40% in price.
Read also: “Gold – expectations for February and March 2019”
Dani Leviant
Earn with the help of the trade service on the news Erste News!
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