- Oil prices rise despite negative climate in stock markets.
- WTI reaches the highest level since June 17.
- Wall Street futures falls, after sharp decline on Tuesday.
The oil prices They are rising for the fourth day in a row on Wednesday and climbed to multi-day highs, despite fears of a global slowdown in the economy that are weighing on markets. This leaves behind the optimism that had emerged on Tuesday over expectations of less COVID restrictions in China.
The situation regarding oil supply seems to be stronger than the mood of pessimism. Social problems in Ecuador and Libya may lead to lower supply. This occurs while the technical committee of the Organization of the Petroleum Exporting Countries and its allies to review agreed production levels.
No big news is expected from the OPEC and allies meeting. The press indicates that Saudi Arabia and the United Arab Emirates are the countries of the organization with the capacity to increase production to cover the lower production of Russia.
The price of a barrel of WTI (platforms) operates in the area of ​​$111.30, the highest level since June 17. Since the beginning of the current week, the price is up more than 5%.
Technical levels
Source: Fx Street
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