Oil (current news)

Oil prices remain positive at the beginning of the European session. The catalyst for price increases at the beginning of trading on Monday is the worsening of the situation in the Middle East. On Sunday, Israeli Prime Minister Benjamin Netanyahu stated that he was ready to act not only against Iran’s Middle Eastern allies, but also against Tehran, if it continues to interfere in the conflict in Syria. In turn, the growth in oil prices is constrained by the active growth in the extraction of raw materials in the US, as evidenced by the growth in the number of drilling rigs in the United States. According to Friday’s data from Baker Hughes, over the past week the number of drilling rigs has increased by 7 units and amounts to 798 units.

• At the moment, WTI crude oil is traded at $ 62.12, adding about + 0.93% to the price.
• Brent crude oil is traded at around $ 65.22, adding about + 0.59% to the price.

Also, see Technical Analysis of Oil.

Alexander Sivtsov