The price of oil went to recovery and returned 3%

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On Thursday, oil prices moved to recovery, returning more than 3% after its recent sell-to 5-month highs on record production figures in the United States and concern about the prospects for global demand. In the morning session on Friday, Brent crude continues to trade with a bullish bias, testing the area 62,50 dollars per barrel.
The players went on to purchase depreciating futures amid reports that Washington may postpone the imposition of tariffs on Mexican exports and to conclude the bargain with his partner, if will resolve the issue of illegal migration.
Also as you approach the OPEC meeting,+ a investors strengthened in the opinion that manufacturers extend the agreement to limit production. On the eve of Russian President Vladimir Putin pointed to the existence of differences with the cartel in the issue of fair oil prices, but stressed that Moscow will make a joint decision with their colleagues in OPEC.
Despite the improved mood on the oil market, the potential for further recovery of the quotations at this stage is limited. From a technical point of view, downside risks will diminish in the event of a rise in Brent crude above the area 63,60 dollars. The closest support is represented in the form of a mark of 62.
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Gennady Nikolaev
Expert
Academy of management Finance and investment