Oil now

Major oil brands stabilized after the decline and returned most of the lost positions with the return of optimism to the market. This indicates a certain stabilization of the oil market after a decline in supply growth. The main driver of the oil market growth remains general optimism around the U.S. – China trade agreement.

Major oil brands are traded in the side channel, limiting from above to the highs of the current month, November 6 and 7. Significant support is at the November 8th low. The reason for the resumption of growth in the oil market will be updating the high of the current month. In the meantime, in conditions of uncertainty, we should expect the formation of a flat and restrained downward dynamics.

Look Technical Analysis.

Brent crude oil is trading around $ 62.70, an increase of about + 0.80% in price.

WTI crude oil is trading around $ 57.40, an increase of about + 0.90% in price.

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ready to update a historical high“

Dani Leviant

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Topical articles of the trader’s blog:

1. The U.S.-China trade agreement news
2. The trade war risks are coming back
3. Upward dynamics of gold, resumption of growth or correction before the decline

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