Oil (current news)
Oil prices move in a narrow range below zero marks during the trading on Wednesday. This movement in oil prices is due to mixed data on oil and petroleum products in the US.
- According to yesterday’s data by API, oil reserves for the past week decreased by -5.5 million barrels, while analysts expected a decline of 3.4 million barrels.
- In turn, gasoline stocks rose by 9.2 million barrels.
- And the reserves of distillates rose by 4.3 million barrels, which is explained by the seasonal decline in demand.
The main support for oil prices is provided bythe extension of the OPEC + pact until the end of 2018.
- At the moment, WTI oil is trading at $ 57.52, losing about -0.17% in price.
- Brent crude oil is trading at around $ 62.85, losing about -0.02% in price.
Also, see Technical Analysis of Oil.
Alexander Sivtsov