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Oil now
The oil market remains under the pressure from the correction after, as a result of negotiations, OPEC + was able to agree on a reduction in oil production by March of next year. In addition to the technical correction, pressure on oil is exerted by signs of a slowing global economy, which reduces the demand for oil. It is also worth noting that despite the extension of the limitation of oil production in OPEC and a number of non-OPEC countries, the volume of oil production on the market remains significant. As a result, this slowed down the overall upward trend in oil, despite the agreement of OPEC +.
Look Technical Analysis.
Brent crude is traded at around $ 64.80, a decrease of about -0.40% in price.
WTI oil is traded at about $ 58.90, a decrease of about -0.30% in price.
Read also: “Expectations from the AUD/USD pair for May”
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
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