Oil (current news)
Oil prices are rebounding, after weakening on Wednesday, amid disappointing OPEC forecasts, which expressed fears of a possible oversupply of raw materials on the market, by increasing production by countries not covered by the OPEC + pact. The support to oil is provided by OPEC and its allies, as well as the interruptions of the Forties pipeline in the North Sea.
It is also worth noting that yesterday’s IEA report indicated an increase in the volume of oil production in the US. The report noted that in the first half of 2018, the total production growth could exceed the demand by 200 thousand barrels per day, before returning to the same deficit in the second half of the year.
- At the moment, WTI crude oil is trading at $ 57.37, adding about + 0.58% to the price.
- Brent crude oil is trading at around $ 63.51, adding about + 0.32% to the price.
Also, see Technical Analysis of Oil.
Alexander Sivtsov