Oil now
The oil market on Thursday trading was restrained after a collapse earlier. The reason for the correction, in addition to technical factors, was evidence that Saudi Arabia intends to support the oil market by limiting the volume of supplies. Saudi Arabia also initiated a consultation with OPEC members to support the oil market. Against the background of these statements, the possibility of new opportunities to limit oil supplies from OPEC and non-cartel countries is not ruled out.
Major oil brands retreated from six-month lows on correction and the possibility of limiting supplies to OPEC. The overall dynamics of the oil market remains under the pressure, limited to oversold.
Look Technical Analysis.
Brent crude oil is trading around $ 57.00, an increase of about + 1.40% in price.
WTI crude oil is trading around $ 52.20, an increase of about + 2.20% in price.
Read also: “Risk assets and how to trade them in the Forex market”
Dani Leviant
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