Oil (current news)
On Wednesday, oil is traded with strengthening on the API data to reduce oil reserves in the US over the past week, which gives all grounds for the fact that statistics from the EIA will also indicate a reduction in oil reserves in the US. The support to oil is also provided by data on the reduction in the volume of oil exports from Venezuela.
At the same time, the upward dynamics of the oil market is also associated with a technical correction after the decline and publication of EIA data, in which the market is interested not in the volume of oil reserves in the US, but in the immediate volumes of extraction. So, earlier, the level of oil production in the US has updated the historical maximum.
At the moment, Brent crude oil is traded at around $ 75.90, with an increase of about + 0.70% in price.
WTI oil is traded at $ 65.70, rising about + 0.20% in price.
Also, read: “MACD indicator – a reliable tool for technical analysis”
Dani Leviant