Oil now

The oil market continues to trade with strengthening, testing four-week highs. The reason for the strengthening of oil prices was the expectation of a market for the extension of restrictions on oil production in OPEC. After the new Minister of Energy of Saudi Arabia announced that the restriction of oil production will remain in force if there is a common wish.

In turn, this served as an excellent reason to expect the extension of the OPEC deal to limit oil production. Against this background, the oil market maintains upward dynamics and tests monthly highs for strength, which remain significant resistance.

Look Technical Analysis.

Brent crude oil is trading around $ 63.20, an increase of about + 1.00% in price.

WTI crude oil is trading around $ 58.40, an increase of about + 1.00% in price.

Read also: “Risks of a trade war return”

Dani Leviant

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Earn with the help of the trade service on the news Erste News!

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