Oil (current news)
Oil prices remain positive at the beginning of the European session. The oil is supported by the result of yesterday’s OPEC summit in Vienna, which resulted in the members of the cartel and non-oil producers agreeing to extend the OPEC + pact until the end of 2018. The market rather restrainedly took in the information about the extension of the OPEC + pact, as this decision was already laid in the price of oil.
It should be noted that the participants in the deal agreed on an earlier curtailment of the pact, if the market stabilizes before the expiry of its validity period. Also, the participants of the pact are concerned about preventing too rapid rise in oil prices and the production of shale oil in the United States.
- At the moment, WTI crude oil is trading at $ 57.70, adding about + 0.52% to the price.
- Brent crude oil is trading at around $ 63.05, adding about + 0.68% to the price.
Also, see Technical Analysis of Oil.
Alexander Sivtsov