Oil now

The oil market remains under the pressure of correction after it updated the highs of the last four months. General sentiment indicates the preservation of growth potential due to the limited supply of oil from Saudi Arabia, which is manifested by the persistence of high volatility in the oil market. Statements by representatives of Saudi Arabia on the rapid resumption of exports raise doubts about implementation. Also, support for major oil brands is provided by the restrained position of the United States regarding sales of reserves, relying on the existence of a sufficient level of supply in the oil market.

As a result, the main oil brands remain restrained upward in anticipation of further exacerbation of tension in the Middle East. At the same time, upcoming US oil reserves data from API and EIA may resume growth in volatility in the oil market, due to the influence on the level of supply in the oil market.

Look Technical Analysis.

Brent crude oil is trading around $ 67.90, a decline of about -1.60% in price.

WTI crude oil is trading at around $ 61.50, a decline of about -1.70% 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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