Oil now

Oil quotes show growth at the start of the week on a report by the representative of Saudi Arabia that it is planned to reduce the export of oil of this country by 500 thousand barrels per day in December. Russia also came out in support of Saudi Arabia, which in the end could return OPEC and non-cartel countries to restrictions on oil production. At the same time, new difficulties arise related to sanctions against Iran and the desire of OPEC members to expand market share.

As a result, oil received support, but maintains a downtrend. The main constraint to strengthening the cost of oil is the increase in US oil production and the continued high level of supply, despite the possibility of reducing it. Also, do not forget about the significant influence of the United States on Saudi Arabia, which is not profitable expensive oil.

Look Technical Analysis of Oil.

At the moment, Brent crude is trading at $ 71.10, an increase of about + 1.30% in price.

WTI crude oil trades at $ 60.80, an increase of about + 1.00% in price.

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Dani Leviant

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