Oil now

The oil market, after a short growth at the beginning of the day, resumed its decline. The  data on interruptions in supplies from one of the US states was the reason for the strengthening of the oil price, in addition to the technical correction after the decline. This was regarded by the market as a factor limiting supply. After the downward dynamics of oil resumed with renewed vigor, amid rising negative sentiment and fears of declining optimism in the US-China trade talks.

As a result, major oil brands are trading near weekly lows, aiming at lows on October 23 and 21, casting doubt on the safety of the monthly upward trend in the oil market.

Look Technical Analysis.

Brent crude oil is trading at around $ 59.70, a decline of about -0.80% in price.

WTI crude oil is trading around $ 54.40, a decline of about -1.10% in price.

Read also: “Japanese Yen: expectations and prospects”

Dani Levian

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