Oil now

At the end of the week, the main oil brands remain upward, despite the growth of oil inventories in the United States. Thus, the latest EIA report on the growth of crude oil inventories by 10.2 million barrels indicated an increase in oil reserves for the eighth consecutive week. At the same time, this growth is the most significant in the last two years. The overall dynamics of oil remains ascending, which is caused by the correction after the decline in oil prices at the beginning of this week.

Also, oil support, in addition to the correction, has increased optimism in the stock markets and the weakening of the US currency. But one of the most significant factors in the growth of oil prices is market expectations that OPEC will return to limiting production volumes.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 67.80, an increase of about + 1.70% in price.

WTI crude oil trades at $ 57.30, an increase of about + 1.50% in price.

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Hanzenko Anton

 

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