Oil now

The oil market is growing on the expectation of a reduction in the US crude oil inventories. Yesterday, API data showed a decrease in the US oil reserves by 3.5 million barrels per week. According to forecasts, the expected decline ranges from 1.5-2 million barrels per week. The US crude oil inventories increased for two consecutive weeks, which provides additional support for oil.

Against the background of growing optimism and the expectation of a decrease in the US oil reserves, major oil brands came close to the highs of August 8th. This level remains significant resistance and is likely to limit the growth of the oil market until the publication of US data. Against the background of data on a decrease in inventories in the United States, we should expect an August high to be updated, and otherwise a decline to weekly lows.

Look Technical Analysis.

Brent crude oil is trading around $ 61.00, an increase of about + 1.60% in price.

WTI crude oil is trading around $ 56.80, an increase of about + 1.20% in price.

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Dani Leviant

Earn with the help of the trade service on the news Erste News!

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