Oil (current news)
The dynamics of oil prices shows mixed results in anticipation of data on drilling activity in the US. The main support to oil quotations is provided by the pact on the reduction in the volume of OPEC + production. The market participants are concerned that the increase in oil production in the US will negatively affect OPEC’s intentions to stabilize supply and demand balance in the market. According to EIA, oil production in the United States has grown to 9.65 million barrels per day, which is 15% higher than the production level in the middle of 2016.
- At the moment, WTI crude oil is trading at $ 55.37, adding about + 0.42% to the price.
- Brent crude oil is trading at $ 61.34, losing about -0.03% to the price.
Also, see Technical Analysis of Oil.
Alexander Sivtsov