Oil now

Oil quotes have accelerated the decline in the growth of risks caused by the collapse of stock indices and data on the growth of the US oil reserves from the API. General increase in risks on the decline in stock indices is a negative factor for strengthening risky assets such as oil. But the main pressure on oil quotes was exerted by the API data, which showed an increase in US oil reserves by 9.75 million barrels per week. This growth was the most significant over the past year. The reason for such a significant increase in the reserves of crude oil in the United States was the cessation of the export of American oil to China, as part of trade opposition. At the same time, the oil market expects official EIA data, that also remain disappointing.

Interruptions in oil production in the Gulf of Mexico due to hurricane Michael slightly slowed down the decline in oil prices. But the growth of negative sentiment on the stock markets completely blocked the positive impact on the oil market. As a result, oil remains under pressure from negative sentiment, awaiting confirmation of growth in oil inventories from the EIA.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading around $ 81.70, a decline of about -1.60% in price.

WTI crude oil trades at $ 71.90, a decline of about -1.70% in price.

Read also: “Inflation Indicators: CPI and PPI”

Dani Leviant

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