Oil now
The oil market maintains upward dynamics after yesterday’s brief decline. The reason for optimism was API data in addition to the general optimism associated with a decrease in OPEC production. It showed a significant reduction in the US oil inventories by more than 7 million barrels per week. This is a very significant indicator for the expected decrease in the US crude oil inventories from the EIA, which will be released today.
Despite optimism in the oil market, Tuesday’s trading range remains significant resistance for the further movement of major oil brands. The exit from the side channel is expected at the publication of data on oil reserves in the United States. At the same time, the upward dynamics of the oil market will be limited by its overbought position.
Look Technical Analysis.
Brent crude oil is trading around $ 62.90, an increase of about + 0.90% in price.
WTI crude oil is trading at around $ 57.90, an increase of about + 0.80% in price.
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Dani Leviant
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