West Texas crude oil (WTI) New York market closed down last night (19 Feb) as investors expected. Texas US crude oil production will soon return to normal. After the production had to be shut down from the effects of a winter storm.
WTI crude oil contract for delivery in March It was down $ 1.28, or 2.1 percent, to close at $ 59.24 a barrel. And this week, down 0.4%.
Brent crude oil contract (BRENT) for delivery in April. It was down $ 1.02, or 0.6 percent, to $ 62.91 a barrel. But this week, an increase of 0.8%.
The oil market is pressured. The WTI crude oil contract fell below $ 60 a barrel. Because investors expect At a meeting of the Petroleum Exporting Countries (OPEC) and allies in early March. May consider increasing oil production
In addition, analysts said. Early signs of a possible correlation between the US and Iran are negative for oil prices.
As for technical analysts, Oil market may continue to decline. After being in a state of technical overbearing force