Oil (current news)
Oil prices continue trading near zero marks. Decrease in oil on Tuesday was provided by a weaker reduction in US oil reserves than expected. According to the API, US oil inventories fell -1.562 million barrels over the past week, against a decline of -5.087 million barrels in the previous period.
The decline in oil was also fueled by OPEC’s statement that the increase in oil production in North America will limit the demand for oil produced by the cartel. Today, market participants will expect government data on oil and petroleum products in the US, in anticipation of which one should not expect a significant change in oil quotations.
- At the moment, WTI oil is trading at $ 57.02, losing about -0.30% in price.
- Brent crude oil is trading around $ 63.68, losing about -0.03% in price.
See Technical Analysis of Oil.
Alexander Sivtsov