Oil (current news)

Oil prices are trading in a narrow range at the beginning of the European session. The main support for oil quotes is provided by optimism in the market with regard to stabilizing the balance of supply and demand for raw materials. The growth in oil reserves in the US over the past week is holding back the growth of oil quotations. See the view “Oil continues to decline”.

The market is also still concerned that, amid rising oil prices, the production of shale oil in the US could increase, thereby neutralizing the effect of the OPEC + pact. Today, market participants will expect data on the number of drilling rigs in the US. The growth of the number can put pressure on oil quotations.

At the moment, WTI crude oil is trading at $ 57.14, losing about -0.05% in price.
Brent crude oil is trading at $ 63.96, adding about + 0.05% to the price.

See Technical Analysis of Oil.

Alexander Sivtsov