Oil has risen in price
Brent oil has risen in price by $ 92 per barrel on Wednesday. This is a two -week maximum. Technically, Brent worked out a wave of increase to $ 91.50 and went higher, not stopping in the corridor of consolidation. This allows you to count on the continuation of purchases up to $ 94.80. The main trigger for rising energy prices is now today’s meeting of OPEC+. Investors clearly implement the “Buy on Rumor” scheme, the closer to the meeting, the more expectations regarding its results. If earlier the market was counting on reducing quotas for black production gold for 0.5 – 1.0 million barrels per day, now it is waiting for a fall by 2 million
earlier we have already said that, in fact, it does not have a special applied value for which quotas will be reduced. OPEC+ almost 3.6 million barrels per day lags behind the same plan, that is, quotas are not executed now.
, however, there is a nuance. If, for example, Saudi Arabia takes the main part of the load, which is just fine with the production plan, oil prices will increase. But we will wait for the facts. The decrease in the dollar index, DXY, and the USD exchange rate in the world currency market support oil recovery.