Oil now

On Friday, oil prices stabilized slightly after a correction. The reason for the correction of oil, as well as the market as a whole, was the resumption of optimism in the stock markets, helped by optimistic data on China. At the same time, general dynamics of the oil price remains restrainedly negative, which is caused by the general expectations of the oil market regarding the increase in supply. The reason for these expectations were the statements of some OPEC members and large oil producers about the possibility of increasing oil production and the risks of expensive oil. As a result, despite the attempts of correction, the main brands of oil remain under pressure from the downward trend.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading around $ 80.60, a decrease of about + 0.40% in price.

WTI crude oil trades at $ 71.50, a decrease of about + 0.70% in price.

Read also: “The US Stock Market and its Major Stock Indices”

Dani Leviant

 

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