Oil (current news)

Oil prices are under pressure at the beginning of the European session. The main pressure on oil quotations is provided by the strong position of the US dollar based on the positive statistics on the labor market on Friday. See “The US dollar received support – NFP data.“

Also, additional pressure on the US currency is exerted by increased drilling activity in the United States. According to Friday’s data from Baker Hughes, the number of drilling rigs increased by 16 units and amounted to 765 units.

• At the moment, WTI crude oil is traded at $ 64.89, losing about -0.83% in price.
• Brent crude oil is traded at around $ 67.96, losing about-0.90 in price.

Also, see Technical Analysis of Oil.

Alexander Sivtsov