Oil (current news)
Oil prices continue to decline at the beginning of the European session, despite positive data on China’s imports.
- According to the data for December, oil imports to China amounted to 34 million metric tons, while total imports for 2017 grew by 10.1% to 420 million metric tons.
In general, this decline in oil prices is due to technical factors, and partial profit-taking by investors, after a significant increase in oil quotations during the trading week. Today, the market will expect data on the number of operating drilling rigs in the US. The reduction of the number of drilling rigs will support oil prices.
- At the moment, WTI oil is traded at $ 63.36, losing about -0.69% in price.
- Brent crude oil is traded around $ 69.08, losing about -0.26% in price.
Also, see Technical Analysis of Oil.
Alexander Sivtsov