Oil now

Oil quotes at Friday trading remain under pressure on the general increase in negative sentiment and the possibility of redistributing the oil market. The reason for the change in the proposal in the form of redistribution are sanctions against Iran, which will take effect in early November, and reports that Saudi Arabia is ready to increase oil production by reducing the supply. Also, the pressure on oil continues to provide data on the growth of oil inventories in the United States, which increase  fifth consecutive week.

As a result, the downward trend continues in the oil market, which is limited to weekly highs. In turn, the movement of major oil brands indicates a correction after a decline, which opens the way to a further reduction in the cost of oil.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading around $ 76.00, a rise of about -1.20% in price.

WTI crude oil trades at $ 66.40, an increase of about -1.40% in price.

Read also: “ Incidents of the 21st century that had an impact on  the financial market”

Dani Leviant

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