- Oil prices rise after advance in the last hour.
- Correction from weekly highs found support in the European session.
- Ahead: US jobs data on Friday and OPEC+ meeting next week.
Oil prices are rising on Friday, after a rally in the last hour. They closed positive on Thursday but well away from the highs after reversing from highs in weeks, which finally found support in the European session on Friday.
The barrel of WTI (trading platforms) is operating around $81.70, daily highs. The area above $80.00 contained the declines. A drop below could favor an acceleration to the downside. While on the upside, if firming on $82.50, the next target is around $84.00.
Russian oil and OPEC+
The European Union it asked its members to limit the price of Russian oil to $60. The limit for it to take effect is Monday. With this, the EU tries to limit Russian income, and at the same time, control possible rises in global prices.
The Organization of Petroleum Exporting Countries and its allies (OPEC+) will meet next. This will be a subject discussed, in addition to production quotas.
On Friday, during the hours of the American session, the Baker Hughes oil rig data will be published.
technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
