Oil now

The oil market remains under the pressure at the start of the week after the new trade tariffs between the US and China come into force. Against the background of the aggravation of trading on stresses and duties of China on American oil, the oil market is restrained in flat trading after Friday’s decline.

• On the one hand, the aggravation of trade tension indicates a further slowdown in world economy and a decrease in oil demand.
• On the other hand, the US oil tariffs may increase demand for oil from other regions, which may provide general support.

Against the background of existing risks and uncertainty, major oil brands move in the side channel, limiting themselves to upward monthly dynamics, which can act as a driver for strengthening oil prices.

Look Technical Analysis.

Brent crude is trading around $ 59.10, a decline of about -0.20% in price.

WTI crude oil is trading around $ 55.10, a decline of about -0.00% in price.

Read also: “Results of the July Fed meeting  for the market”

Dani Leviant

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

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