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Old 03-02-2021, 08:38
MikhailLF MikhailLF is offline
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Join Date: Sep 2017
Posts: 795
Default Re: Forex News Analysis by LiteForex

Brent Crude Oil: pending OPEC+ decision

Current trend

Brent crude oil prices continue to be in an uptrend, trading at 57.80.

Oil quotes are slightly adjusted after active growth the day before, the main reason for which was the OPEC+ report on the results of compliance with the agreement in January 2021.

Before today's meeting, at which the duration of the plan to curb world oil production will be discussed, the monitoring committee reported on the results of the implementation of the agreement in January. According to the report, the participating countries fulfilled the terms of the deal by 99%, and the total volume of the reduction fell from 7.7 million barrels per day to 7.2 million barrels. The current agreements are expected to remain in place in February, with a total cut of 7.125 million barrels per day, and given that Saudi Arabia and several other members of the deal agreed to a larger cut, this figure could be just over 7 million barrels.

Support and resistance

On the local chart, the asset left the correction channel and consolidated above the resistance line with high prospects for continued growth. Technical indicators are in a global buy signal state. The range of EMA fluctuations on the Alligator indicator continues to expand, and the histogram of the AO oscillator is trading in the positive zone.

Resistance levels: 58.20, 59.30.
Support levels: 57.40, 56.30.

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