Oil now

On Tuesday, the oil market accelerated a decline due to the data about increased exports from OPEC. First of all, production increased in Nigeria and Iran, which are members of OPEC. This exceeded the existing quotas adopted by OPEC members. Also, pressure on the oil market was exerted by data on the high level of export of Iranian oil products. Earlier, crude oil exports from Iran were limited by the US sanctions. But according to the Iranian oil minister, the export of petroleum products from Iran reached a historic high.

This increased pressure on the oil market while maintaining the risks of a trade war. Major oil brands fell to monthly lows, returning concerns about a slowdown in the monthly upward trend in the oil market.

Look Technical Analysis.

Brent crude oil is trading at around $ 57.80, a decline of about -1.50% in price.

WTI crude oil is trading around $ 54.00, a decline of about -1.90% in price.

Read also: “How Real is the US Currency Intervention”

Dani Leviant

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

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