Oil (current news)
On Thursday trading session, oil prices are restrained, despite the growth of oil reserves in the US. The reason for the return of optimism to the oil market was data from Venezuela. Thus, deliveries from Venezuela are delayed for almost a month on a decline in production volumes and transportation problems.
These news have reduced the risks of growth in supply in the world oil market. But because of fears of increasing production in OPEC and Russia, oil quotations are not hurried to resume growth, which is also facilitated by US data.
Technically, oil quotes found the bottom at the June lows and so far limited them. The market is still waiting for the results of the OPEC meeting on June 22 and the final resolution of the issue on oil production quotas.
Look Technical Analysis of Oil.
At the moment, Brent crude oil is trading around $ 75.70, an increase of about 0.50% in price.
WTI oil is trading at $ 64.90, with an increase of about + 0.30% in price.
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Dani Levitan