Oil market: an attempt to grow is not counted

Brent futures showed multidirectional dynamics on Thursday. Support for quotes was provided by news from China, where quarantine was weakened in the cities of Guangzhou and Chunzin. The EU authorities reached a consensus on the level of the ceiling of prices, but information on OPEC+ has not yet appeared. Brent quotes were limited to a symbolic decrease after during the session in the moment they reached $ 89.4 per barrel.

on the eve of the weekend, at which OPEC+ will decide on the level of quota for prey, is unlikely to be active participants in the market. Maintened dynamics with a slight advantage towards growth is likely.

OPEC+: consensus without changes

on Sunday of the OPEC+ countries will gather once again to discuss production quotas for January-February. There were no reliable rumors about the possible decision in the media, so the consensus is inclined towards preserving the current levels of production. Meanwhile, surprises in the form of a new round of abbreviations are not excluded. Probably, the alliance specialists are closely monitoring the EU discussion at the ceiling of prices, Trying to evaluate the level of falling proposals, which will directly affect the recommendations of a technical committee on the alliance policy.

If the OPEC+ decision will significantly deviate from the expected status quo, then oil quotes in the morning on Monday can react to the news accordingly.

tonight Baker Hughes will present drilling data in the USA and Canada, which are a leading indicator of prey on the continent. Brent futures are growing 0.2% in the morning and is trading at $ 87 per barrel.

Leave a Reply