Oil (current news)

Oil prices are traded in a narrow range at the beginning of the European session. The main pressure on oil quotes is provided by yesterday’s data on oil reserves, which indicated their next growth.

• According to published data, oil reserves for the past week increased by 2.408 million barrels, against the growth of the previous month at 3.019 million barrels.
• In turn, the stocks of distillates decreased by -0.559 million barrels, after the decline in the previous period at the level of -0.96 million barrels.
• The reserves of gasoline decreased by -0.788 million barrels, against the growth in the previous period at 2.483 million barrels, which restrains further decline in oil prices.

At the moment, WTI crude oil is traded at $ 61.27, adding about + 0.20% to the price.

Brent crude oil is traded at around $ 64.44, adding about + 0.16% to the price.

Also, see Technical Analysis of Oil

Alexander Sivtsov