Oil now

On Friday, the oil market remains restrained after growth on October 22-24. Earlier, a number of factors served as a driver for strengthening oil prices: a decrease in the US oil inventories, an increase in market optimism, and the possibility of OPEC support. As a result, the oil market accelerated growth, being overbought.

Major oil brands are limited by overbought after growth. Therefore, the restrained dynamics of Friday corresponds to a limited correction after growth. In the absence of drivers for growth and closing positions before the weekend, the possibility of accelerating a downward correction is not excluded.

Look Technical Analysis.

Brent crude oil is trading at around $ 61.70, a decline of about -0.00% in price.

WTI crude oil is trading around $ 56.20, a decline of about -0.10% in price.

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Dani Leviant

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