At the opening of a new trading week, the oil market maintains a restrained upward trend. The reason for the strengthening of the major oil brands price continues to be the preservation of optimism in the market as a whole and on stock exchanges. As a result, the main oil brands remain in the correction phase after a two-week decline starting from last Thursday.
In addition to the technical correction, the oil market receives support from the absence of negative data, but is also limited by the existing risks of exacerbation of tension in the trade war with October 1 highs. Significant support continues to remain at October 3 lows.
Read Technical Analysis.
Brent crude oil is trading around $ 58.80, an increase of about + 0.80% in price.
WTI crude oil is trading at around $ 53.40, an increase of about + 1.10% in price.
Earn with the help of the trade service on the news Erste News!
Topical articles of the trader’s blog:
- What indicators choose Forex traders (Part 2)
- Stock indices are ready to renew a historical high
- What indicators choose Forex traders (Part 1)
Current Investment ideas: