Oil (current news)

On Thursday, oil prices are traded lower on the data on the growth of crude oil reserves in the US and correction after growth. So, according to the API, crude oil inventories in the US increased by 1M barrels per week, when an equivalent decline was expected. This increased the correction for oil on the growth of doubts about the reduction of oil reserves in the US. Today, data is expected from the EIA, which will come closer to the end of the day, but they expect growth in oil and oil products.

Despite the expectations of data on the US, the main concern of the oil market will be regarding OPEC and Russia, which intend to increase oil production due to the avoidance of supply shortages due to a decrease in production in Iraq and Venezuela.

See Technical Analysis of Oil.

At the moment, Brent crude is traded at around $ 77.30, a decline of about-0.50% in price.

WTI oil is traded at $ 67.80, a decline of about-0.60% in price.

Also, read: “Carry trade – the strategy of earning on cross-rates“

Dani Leviant