Oil (current news)
Oil prices are trading in a narrow range at the beginning of the European session, while maintaining a positive attitude.
The main support for oil quotes is provided by yesterday’s statement of Saudi Arabia’s oil minister Khalid al-Falih. He yesterday said that Saudi Arabia is ready to do everything to solve the problem of excessive supply in the market.
The growth of crude oil reserves in the United States is the deterrent of a stronger rise in oil prices. According to yesterday’s data by the API, US oil inventories rose by 0.591 million barrels over the past week, against a decline of -7.130 million barrels in the previous period.
- At the moment, WTI oil is trading at $ 52.38, losing about -0.17% in price.
- Brent crude oil is trading around $ 58.47, adding about + 0.24% to the price.
Alexander Sivtsov