Oil (current news)

On Tuesday, the main types of oil continue to trade with strengthening, receiving support from the worsening of political situation in Venezuela and reduction of production in this country. So, the reelection of the Venezuelan president caused a stiff condemnation by the world community, which may become the reason for the introduction of the US sanctions. This, in turn, will reduce oil production in this country. Support for major oil brands is also provided by sanctions against Iran. At the same time, the market expects reports on oil reserves in the US, which will come out in the coming days.

At the moment, Brent crude is traded at around $ 79.60, with an increase of about 0.50% in price.

WTI oil is traded at $ 72.50, with an increase of about + 0.3% in price.

Also, read: “OPEC and the Impact of the Cartel on the Oil Market”.

Dani Leviant