Oil (current news)

Oil prices are prone to decline amid fears of rising oil production in the US, which can offset the effect of the OPEC + pact. According to Friday’s data by Baker Hughes, the number of drilling rigs in the United States grew by 9 units over the past week and amounted to 738 units. The support for oil quotations is provided by the expectations of the extension of the OPEC + pact until the end of 2018. The decision to extend the OPEC + pact will be taken on November 30 at the meeting of OPEC members and producers outside the cartel.

• At the moment, WTI crude oil is trading at $ 56.66, losing about -0.14% in price.
• Brent crude oil is trading around $ 63.40, losing about -0.18% in price.

See Technical Analysis of Oil.

Alexander Sivtsov