Oil now

Oil is restrained on Wednesday, despite the API data on the growth of oil inventories in the US,  showing an increase of 1.25 million barrels per week, thereby exerting a restrained pressure on the cost of oil, which continues to receive support from optimism in the market and the expectation of introduction sanctions against Iran.

The general dynamics of oil remains restrained positive, which is due to a greater degree of investor attraction to risky assets. Also, the oil market continues to expect EIA data on oil inventories in the US, which will come out today. Reduction of oil inventories for the fifth week in a row can give a significant push to growth for oil quotations.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading around $ 79.30, up about + 0.30% in price.

WTI crude oil is trading at $ 69.90, rising about + 0.40% in price.

Read also: “Multifactor analysis”

Dani Levitan

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