Oil now
Oil quotes show restrained growth on the growth of optimistic sentiments and data on interruptions in oil supplies from Libya. Also, the market expects the first July figures, from which new quotas for oil production will come into effect. In the end, this may cause a sell-off for oil in the short term.
On the other hand, the data from Libya and the expectation of data on oil reserves in the US from the API increased the gap in the cost of the main brands of oil BRENT and WTI, thereby indicating the market’s nervousness and some uncertainty. At the same time, the main resistance for both brands of oil remains weekly highs.
Look Technical Analysis of Oil.
At the moment, Brent crude is trading around $ 75.30, up about + 1.10% in price.
Oil brand WTI is trading at $ 68.30, an increase of about + 0.40% in price.
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Dani Levitan