Oil (current news)

Oil prices are under pressure at the beginning of the European session amid growing fears about an increase in the supply of raw materials on the market. Iran announced its plans to increase oil production in the next four years to 4.7 million barrels of oil per day, which is 700 thousand barrels higher than the current production level. Also, pressure on the market is exerted by the increase in oil production in the US, which according to the EIA grew to 10.25 million barrels per day, and by the end of the year it could exceed the level of 11 million barrels per day.

• At the moment, WTI oil is traded at $ 60.58, losing about -0.92% in price.
• Brent crude oil is traded at around $ 64.37, losing about -0.68% in price.

Also, see Technical Analysis of Oil

Alexander Sivtsov