Oil (current news)

On Monday, oil quotes remain under pressure of the possibility of an increase in supply. So, earlier, Saudi Arabia and Russia announced their intentions to reconsider OPEC’s limitations on oil production in terms of reimbursement of decline in production in Venezuela and Iran, which caused an instant drop in oil quotes on fears of resuming previous production volumes.

An additional factor that exerts pressure on the cost of oil continues to be the growth of drilling activity in the United States. So, over the past week the number of drilling rigs in the US increased by 15 units to the level of 859, which corresponds to the level of March 2015. And, in turn, indicates the growing drilling activity in the United States.

Also, see: Technical analysis of oil

At the moment, Brent crude oil is traded at around $ 75.40, a decline of about -1.40% in price.

WTI crude oil is traded at $ 66.70, a decline of about -1.70% in price.

Also, read: “MACD indicator – a reliable tool for technical analysis”

Hanzenko Anton