Oil now
The oil market maintains an upward trend due to a number of fundamental factors. Previously, significant support for the cost of oil was provided by data on the reduction of oil inventories in the United States, which remain the fourth consecutive week. But the oil market also received support from the difficult weather conditions in the Gulf of Mexico, and oil production in the region has already decreased. It is also worth noting the preservation in the Middle East, which resumed after the armed Iranian ships tried to stop the British tanker.
Due to this, the main oil brands have updated monthly highs, but are limited to technical overbought. Therefore, despite the support of the oil market, its further rapid growth will be limited.
Read Technical Analysis.
Brent crude oil is traded in the region of $ 67.30, an increase of about + 0.40% in price.
WTI oil is traded is at about $ 60.60, an increase of about + 0.40% in price.
Read also: “Collapse of the Turkish Lira. A threat to the market”
Dani Leviant
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