Oil now

Oil quotations remain under pressure from the start of the day on the aggravation of the US and China trade relations and EIA’s forecasts on the oil production growth in the US. According to the US Energy Information Administartion (EIA) it is expected that oil production in the US will increase by 79,000 barrels per day till October, which is caused by the development of shale deposits. At the same time, further growth in drilling activity in the US will be limited to oil prices.

Thus, oil was under pressure of supply growth, limited to last week’s lows. Now the attention of the market will be riveted to the data on oil inventories in the US, which should, at least, show an increase in demand, so as not to increase the sale of oil.

Look Technical Analysis of Oil.

At the moment, Brent crude oil trades around $ 77.70, a decline of about-0.50% in price.

WTI oil is trading at $ 68.40, a decline of about -0.30% in price.

Read also: “Emerging markets and their prospects: Chinese yuan”

Dani Levitan

Earn with the help of the trade service on the news Erste News!

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