The prices of Petroleum They operate without a clear direction and on neutral ground, after marking intraday highs in three weeks, clinging to recent gains and with an eye on the OPEC + meeting.
The barrel of WTI (trading platforms) operates at $86.60, in the zone of maximums in three weeks. The price peaked at $87.35 but quickly retraced. The stock is still more than $10 above last week’s low. Hours of high volatility are expected.
Supported by clipping expectation
Despite trading flat, oil shows some strength by maintaining recent gains in a context of falling stock markets and a strong dollar. This has to do with the meeting of the Organization of Petroleum Exporting Countries and its allies (OPEC+).
At the first face-to-face meeting in two years in Vienna, OPEC+ is on track to announce the biggest production cut in yearswhich could reach two million barrels per day.
The price received support after reports that the United Arab Emirates would support the substantial cut proposed by Saudi Arabia and Russia, overshadowing US efforts to stop the agreement. The Biden administration tried to limit increases in oil to combat inflation.
Technical levels
Source: Fx Street
