Oil now

Oil maintains a positive dynamic on the information about the possibility of reducing oil production in OPEC. The expected volume of production cuts fluctuate around the level of 1.3 million barrels per day, which is a very significant level and in case of adoption will cause a significant increase in oil prices. At the same time, Russia supported previously the OPEC production cuts, but not in the required volumes. As a result, the situation on the oil market is ambiguous. On the one hand, the miners are ready and willing to reduce production volumes, but on the other hand they are not ready to make substantial reductions. As a result, the oil market has received one of the most significant incentives for correction in recent months, but is limited to uncertainty.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 63.00, an increase of about + 2.30% in price.

WTI crude oil trades at $ 54.00, an increase of about + 2.00% in price.

Read also: “Stock Indices: the UK Market”

Dani Leviant

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

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