Oil now

At the end of the working week, the oil quotations of the main oil brands switched to growth on the announcement that the oil production in OPEC has declined over the last month. The reduction in oil production in OPEC and in non-cartel countries is associated with an agreement to cut oil production, which entered into force on January 1. This agreement aims to achieve a balance in the oil market in the face of declining overall demand for oil. As a result, the main oil brands accelerated growth, but limited to the highs of January, which acts as a significant resistance in the conditions of maintaining the upward dynamics of oil.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 61.90, an increase of about + 1.10% in price.

WTI crude oil trades at $ 52.70, an increase of about + 1.30% in price.

Read also: “Three pillars of technical analysis”

Dani Leviant

Earn with the help of the trade service on the news Erste News!

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