Oil (current news)

On Wednesday, oil prices continue to restrainedly decline after the update of the highs. The correction of oil was caused by concerns about the dragging of oil production in OPEC amid the interruptions of supplies from Iran and Venezuela. The market also expects data on oil reserves in the US from the EIA.

Earlier, the API report showed a slight reduction in crude oil reserves of 1.33 million barrels and a noticeable increase in gasoline by 0.98 million barrels per week, which increased concerns over the growth of supply in the US. The general dynamics of oil remains ascending and is limited to correctional movement.

At the moment, Brent crude oil is traded at around $ 78.90, a decline of about-0.80% in price.

WTI oil is traded at $ 71.70, a decline of about-0.60% in price.

Also, read: “Reversal Trading: 5 Rules”

Dani Leviant