Oil now
The oil market has been trading very restrained from the start of the day, after the major oil brands came under the considerable pressure on the comments of the Minister of Energy of Saudi Arabia. He announced the full resumption of oil production by the end of the month. The restraint of the oil market is also associated with the continued tension in the Middle East, which escalated after the US said that attacks on oil refineries in Saudi Arabia took place from Iran.
Also, the expectation of the EIA data on the US oil inventories, which will be released today, remains a limiting factor for the oil market. Earlier, according to API, the US crude oil inventories rose by 0.59 million barrels per week. On average, this is not a significant indicator, but in the face of fears of a decline in the supply level, it may exert increased pressure on the oil market. Major oil brands are limited by recent highs, support levels: highs of September 11 and 13.
Look Technical Analysis.
Brent crude is trading around $ 64.30, a decline of about -0.40% in price.
WTI crude oil is trading at around $ 58.80, a decline of about -0.50% in price.
Read also: “OPEC + Market expects
continuation of agreement to limit production“
Dani Leviant
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