Oil (current news)
Oil prices move in a narrow range above the zero mark at the beginning of the European session. Partly the course of trading is affected by mixed data on oil and petroleum products in the US. See “Oil is in uncertainty“.
Market participants is focused on the OPEC summit in Vienna, which is scheduled to begin today at 11:00 in Kiev. This meeting will discuss the future of the OPEC + pact and its extension until the end of 2018. In the event that OPEC members and non-cartel countries agree to extend the pact, oil will receive significant support and continue its growth, otherwise the decrease in oil quotations is expected.
- At the moment, WTI crude oil is trading at $ 57.45, adding about + 0.26% to the price.
- Brent crude oil is trading at $ 62.72, adding about + 0.30% to the price.
Also, see Technical Analysis of Oil.
Alexander Sivtsov