![](https://esterholdings.com/wp-content/uploads/ester-forex-oil-das-neft-3-2-730x486.png)
Oil now
The oil market is trading near monthly highs, receiving support from the OPEC + meeting, which is set to extend the deal to restrict oil production. In addition to the fact that many are confident in continuing the agreement on limiting production, there is also a high probability that this deal will be extended not by 6 months, as was previously expected, but by 9.
In turn, this has become the main driver for the strengthening of the main oil brands to monthly highs. Until the OPEC + meeting is over, further bursts of volatility in the oil market are possible.
Look Technical Analysis.
Brent crude oil is traded in the region of $ 66.40, an increase of about + 2.60% in price.
WTI crude oil is traded around $ 60.00, an increase of about + 2.60% in price.
Read also: “The main reasons for the weakening of the US dollar.
Fed’s rates cut ”
Dani Leviant
Earn with the help of the trade service on the news Erste News!
Topical articles of the trader’s blog:
- G20 Summit – what to expect and to beware of
- Prospects for the USD/JPY for early July
- Oil market and its cloudy prospects
Current Investment ideas: