Oil prices are down almost by $1,5 today. Chinese refineries have dropped their production volume down to the lowest level in 8 months. This seems to be the main factor why the “black gold” has been depreciating for 3 trading session in a row.
The current market situation looks as follows:
· The price of the Brent oil futures for June delivery (ICE Futures) is down by $1,46 - $102,45/b.
· The price of the WTI oil futures for June delivery in New York is down by $1,29 - 94,75/b.
Still, the OPEC has boosted its oil production up to the highest level in 5 years.
The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of WTI oil:
