Oil (current news)
Oil prices remain positive at the beginning of the European session. Support for oil quotations is provided by a decline in oil reserves in the US.
According to yesterday’s data by API, the US oil inventories fell by -6.356 million barrels over the past week against growth in the previous period at the level of 6.513 million barrels. Additional support for oil prices is constrained by the supply of raw materials from Canada to the US, due to the closure of the Keystone pipeline. Its capacity is 590,000 barrels per day. Today, the market will expect government data on oil and petroleum products in the US, the reduction of which will provide additional support for oil prices.
- At the moment, WTI crude oil is trading at $ 57.83, adding about + 1.76% to the price.
- Brent crude oil is trading at $ 63.12, adding about + 0.88% to the price.
Also, see Technical Analysis of Oil.
Alexander Sivtsov