The oil market shows the potential to reduce

The oil market shows the potential to reduce

During the day, the downside potential prevailed on the oil market. Prices are located just below the important short-term supports ($ 60.90 per barrel for Brent and $ 52.60 for WTI). The report of the American Petroleum Institute played a decrease in oil prices, which showed an increase in oil reserves in the United States last week by 6.6 million barrels and an increase in total reserves of petroleum products by 6.2 million barrels. This is understandable, since in recent weeks, the reserves of “black gold” mainly fell, and petroleum products grew.

Experts believe that prices for elite grades of oil still have the potential for a short-term decline, which can be considered as a correction in the framework of the main uptrend.

In addition, events in Venezuela may affect the oil market. So, the Venezuelan unit Reuters on its page in Twitter reported that the administration of the President of the United States warned American oil companies of their intention to impose oil sanctions against Venezuela this week if the political situation in the country deteriorates.