[ad_1]
Essam Al-Sudani | Reuters
People are working in the Halfaya oilfield in Amara, southeast of Baghdad, Iraq.
Analysts believe that oil prices are approaching levels of escape, and that the last day of trading this week will provide clues to the possibility of continuing to rise futures on crude oil.
The main catalyst of the uptrend is the sharp decline in OPEC production at the beginning of a six-month production reduction agreement, boosted by the promise of the future. Saudi Arabia, the largest exporter, has significantly reduced its quota. This week, Saudi Energy Minister Khalid al-Falih said the kingdom plans to produce 9.8 million barrels a day in March, about half a million barrels less than the Saudis do. they were engaged in November.
It is finally helping oil prices to overcome resistance built on sluggish demand forecasts and worries about a sluggish global economy as the US-China trade dispute remains unresolved.
"Oil has already struggled in previous periods of risk aversion, but, like its rivals, it loves a weaker dollar and continues to react to this week's favorable reports. ", wrote in the morning Craig Erlam, market badyst at OANDA market briefing.
"Brent and the WTI are now seriously testing a major resistance zone, around $ 65 and $ 55, respectively, whose break-up could be the catalyst for another rally."
Source link
