• Oil is trading higher

Market news

7 November 2016

Oil is trading higher

This morning, the New York futures for Brent rose 1.52% to $ 44.75 and crude oil futures for WTI rose 1.27% to $ 46.16 per barrel. Thus, the black gold is gaining in anticipation of the presidential elections in the United States, which will take place on 8 November. Last week, oil prices fell to the lowest level since early August. Fundamentals in the oil market remained negative. According to Baker Hughes, the number of drilling rigs in the United States increased by 9, up to 450. Brent crude oil prices dropped by 15% since mid-October, when it was worth from $ 53.7. This happened against the backdrop of OPEC talks to freeze oil production, which are still ongoing.

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