Oil (current news)

Oil prices remain positive at the beginning of the European session. The main support for oil quotes is provided by the comments of the Saudi Minister of Energy, as well as the weak position of the US dollar. Khalid Al-Falih said that it would be better for OPEC to have a small production deficit, rather than withdraw from the deal earlier than planned.

Let me remind you that at the end of November 2017, it was decided to extend the OPEC + pact until the end of 2018. Also support for oil quotes was provided by yesterday’s data on crude oil reserves in the US, which did not give a clear signal for their growth in the short term. More details See “Oil restored positions. Data on oil reserves in the US. “

• At the moment, WTI crude oil is traded at $ 61.26, adding about + 1.10% to the price.
• Brent crude oil is traded at around $ 64.77, adding about + 0.62% to the price.

Also, see Technical Analysis of Oil

Alexander Sivtsov