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

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