- High volatility in oil prices after reports and denials.
- Strong rebound confirmed from lows in months.
- Wall Street futures with slight rises.
Oil prices are confirming a strong rebound on Tuesday, after falling to the lowest levels since January of this year on Monday. The drop was accentuated by reports of a possible increase in production OPEC+which was later denied, favoring the rebound.
On Monday, a report indicated that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) was discussing an increase in production. This, added to the downward trend that the price of oil brought with the expectation of lower demand, led to a sharp collapse. The barrel of WTI (trading platforms) fell to $75.30, the lowest level since early January.
Officials of Saudi Arabia They denied the possibility of a greater increase in production and affirmed that the current cut of two million would be maintained until the end of 2023. This partly fueled the sharp upward rebound in prices.
The rises on Tuesday are also being supported by the weakness of the dollar, and a rise in Wall Street futures. The WTI barrel rises 1.15% and is at 81.20%, at the highest intraday level since Friday.
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.
