Oil now

On Thursday, oil quotes accelerated the decline on the data that OPEC and Russia failed to agree on a reduction in oil production. As a result, oil quotes of major oil brands returned to weekly lows. The main stumbling block in the agreement to limit oil production in OPEC is Russia. So, OPEC is going to reduce production by 1 million barrels per day, if Russia’s share is 150 thousand barrels per day. But Russia is not ready yet to take such steps. It was also said that an agreement to limit oil production in OPEC will be reached by the end of Friday.

As a result, the oil market trades with a decrease in skepticism regarding the possibility of implementing restrictions and waiting for data on US oil inventories, which are expected to further increase.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 59.80, a decrease of about -2.90% in price.

WTI crude oil trades at $ 51.30, a decrease of about -3.00% in price.

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Dani Leviant

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