Oil (current news)
Oil prices move in a narrow range in the course of trading on Friday. The main pressure on oil quotations is caused by concerns about the growth of raw materials production in the United States. According to the EIA forecast, oil production in the US will grow to 11.17 million barrels by the fourth quarter, which exceeds the previous forecast of 11.04 million barrels per day.
Compliance with the OPEC + pact for global production cuts restrains further decline in oil quotations. Today, the market will expect data on the number of drilling rigs in the US, the growth of which could put additional pressure on the oil market.
- At the moment, WTI crude oil is traded at $ 60.30, adding about + 0.30% to the price.
- Brent crude oil traded at around $ 63.87, adding about + 0.41% to the price.
Also, see Technical Analysis of Oil
Alexander Sivtsov