Oil (current news)

Oil prices remain positive at the beginning of the European session. The catalyst for rising oil prices on Tuesday was an aggravation of the situation in the Middle East, namely the tense situation between Saudi Arabia and Iran. Iran is accused of supplying weapons to hussites, namely ballistic missiles. On Friday, the Crown Prince of Saudi Arabia, Mohammed bin Salman, said his country would create nuclear weapons if Iran did so. These actions of Iran are condemned by the US, what can lead to new sanctions.

Also, according to the data of the OPEC Technical Committee, the level of implementation of the global pact to reduce oil production in February was 138%. Members of the cartel exceeded the plan by 42%, and its allies by 12%.

• At the moment, WTI crude oil is traded at $ 62.77, adding about + 1.03% to the price.
• Brent crude oil is traded at around $ 66.55, adding about + 0.75% to the price.

Also, see Technical Analysis of Oil

Alexander Sivtsov