Oil now

The oil market at the opening of trading on Monday showed a significant growth, which was associated with an attack on the largest oil refinery in Saudi Arabia. Attacks on oil refineries in Saudi Arabia took place on Saturday and reduced the global supply of the oil market by about 5%, thereby virtually paralyzing supplies from Saudi Arabia. Despite the significance of the attack for the oil market, Saudi officials have announced resumption of supplies in the coming days.

Against the backdrop of these attacks, major oil brands jumped to July highs. In the conditions of overbought and on statements about the imminent resumption of supplies, including from the United States, which stated its readiness to sell oil reserves in order to avoid supply shortages. Major brands of oil show a moderate decline after growth, actually closing the formed gaps. They, in turn, are limited to support at support levels, highs of September 10 and 5.

Look Technical Analysis.

Brent crude oil is trading around $ 65.50, an increase of about + 8.70% in price.

WTI crude oil is trading around $ 59.30, an increase of about + 8.20% 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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