Oil now

On Monday, the main oil brands are traded with a decrease after Friday’s growth, which was caused by the cut of oil production in OPEC and not cartel countries by 1.2 million barrels per day. This agreement and restrictions will come into force in January next year. At the same time, the oil market reacted with a very reserved attitude to the decline in oil production due to the hazy prospects of the world economy and the overall demand for oil next year. Also it is worth noting a significant increase in oil production in the United States, which is not subject to restrictions and will help reduce the cost of oil.

Technically, the main oil brands slowed down general downward dynamic and continue to trade in the side channel, limiting themselves to the lows of last week, but it is too early to talk about the formation of a corrective upward movement.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 61.00, a decline of about -1.10% in price.

WTI crude oil trades at $ 51.80, a decline of about -1.50% in price.

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Dani Leviant

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