Oil now

The oil market opened lower on Monday trades, it was caused by the aggravation of the US-China trade talks. The Chinese government is imposing retaliatory duties on the US goods in the amount of $ 75 billion. This is a more significant measure than the 5% duty on oil from the United States. Such an action can significantly affect the balance of supply and demand in the oil market, primarily by exerting pressure on oil.

Major brands of oil are trading near two-week lows, limited by oversold and a monthly low at around 7 August. Fixing oil below August lows may cast doubt on the upward trend in the current year.

Look Technical Analysis.

Brent crude oil is trading around $ 58.90, an increase of about + 0.10% in price.

WTI crude oil is trading around $ 54.10, a decline of about -0.10% 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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