Crude oil prices are being multidirectional today. While Brent is appreciating, WTI is losing value. The major reason why Brent is showing some strength is the fact that Asian countries have suspended their oil imports from the Atlantics. At the same time, they are expected to resume the import of crude oil from Iraq when the local infrastructure is ready.
The price of the Brent futures for December delivery (ICE Futures) is up by 0,46% - $110,14 per barrel. According to Energy Aspects, the rally in the market of Brent oil is associated with the risk premium connected with the situation around the Asian market of crude oil.
At the same time, WTI is showing signs of weakness. The price of the November futures in New York is down by 0,32% and is currently trading around $98,9 per barrel.
The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of WTI:
