Oil now
The oil market on Wednesday remains under the considerable pressure, which was due to a number of factors. So, at the start of the day, data on oil inventories in the US for the week came from API, which showed an increase in crude oil reserves, despite the fact that this is not official data, they are preliminary and reflect the overall picture of the US oil market. Thus, the API data showed an increase in crude oil inventories for the second week in a row with increasing dynamics, which indicates an expectation of growth in oil reserves in the United States.
The second significant factor that put pressure on the oil market was the resumption of trade war risks, which put pressure on risky assets. Most importantly, the trade war slows down the global economy, which directly reduces the demand for oil and petroleum products.
Under uncertainty, the upcoming data on the US oil inventories from the EIA and the OPEC + meeting, which will be held at the end of the month, also remain a risk factor for the oil market.
Look Technal Analysis.
Brent crude is traded at around ic$ 60.80, a decrease of about -2.40% in price.
WTI crude is traded at around $ 51.80, a decrease of about -2.60% in price.
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Dani Leviant
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