Oil now

The oil market on Monday trades demonstrates multidirectional dynamics. The reason for the uncertainty and multidirectional fluctuations in oil prices is the risk of not extending the agreement to restrict oil production in OPEC +. So, the representatives of Saudi Arabia stated that they are working on measures to prevent the collapse of the oil market. Earlier, Russia’s Energy Minister said that if the agreement to restrict oil production by OPEC + is not extended, there is a chance that the oil market will collapse to $ 30 per barrel.

Uncertainty about the fate of the OPEC + agreement to restrict production is the main factor of uncertainty for the oil market. General risks of a slowdown in the global economy remain and may increase pressure on the oil market.

The overall weekly dynamics of the main oil brands remain restrainedly rising. But a more global trend in the oil market remains downward, and recent growth attempts look like a technical correction.

Look Technical Analysis.

Brent crude oil is traded in the region of $ 63.40, an increase of about + 0.10% in price.

WTI crude oil is traded in the region of $ 54.30, an increase of about + 0.60% in price.

Read also: “ Collapse of  the Turkish Lira. A threat to the market “

Dani Leviant

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