Oil now
Oil quotes are traded with a strengthening at the start of the day after information that Saudi Arabia will not be able to close the oil shortage that has arisen after the introduction of sanctions against Iran. At the same time, according to numerous data, oil exports from Iran continue to decline, pending the introduction of US sanctions against Iran on November 4. On the other hand, India did not support the general mood of abandoning Iranian oil. And, on the contrary, stated that it would continue to buy oil in Iran, despite the threats of the United States.
Oil is also supported by data that due to Hurricane Michael in the Gulf of Mexico, oil production in the region declined by almost 20%, supporting oil quotes.
As a result, on the growth of ambiguous sentiments regarding sanctions against Iran, the main oil marks remain near weekly highs, forming significant resistance near the highs of the month, thereby increasing the risks of the introduction of US sanctions against Iran.
Look Technical Analysis of Oil.
At the moment, Brent crude is trading at $ 84.70, an increase of about + 0.90% in price.
WTI crude oil trades at $ 74.80, an increase of about + 0.70% in price.
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Dani Leviant
Earn with the help of the trade service on the news Erste News!
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