Oil prices moved in a lower range
As you get closer to key oil market events of the summit of OPEC – the price of black gold is smoothly moved in the lower ranges. This week, as resistance is the level 75, samples of which Brent not yet possible, although today quotes at the moment reached the region 75,30.
Commodity traders are in suspense, wondering what will be the verdict of the exporters. Given that the “comrades still there is no agreement,” the markets are very difficult to define your expectations, and prices – with the objective motion vector. The result is Brent obediently slides to the South, as increased uncertainty, which is so not like the markets, forcing players to get out of long positions before the fateful meeting of producers.
While traders focused on the summit, the US mostly ignored by the market. Meanwhile, in the near future the rate of production in the United States will exceed 11 million barrels per day, which will only increase the anxiety about the return of the surplus supply on the world market, despite the decline in supplies from Venezuela and Iran.
In the short term and until the beginning of the negotiations OPEC+ oil prices are likely to remain under pressure and growth efforts will be to stop the sellers who want to exit the market at more favorable levels.
The head of the analytical Department of the company,
“International financial center”