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WTI is trying to recover as well. The oil benchmark is moving to the resistance at $65.20. If it’s able to break it, the further rise is anticipated. The support is at $63.30.
The further movement will mostly depend on crude oil inventories data (at 17:30 on June 20) and the OPEC meeting on June 22.
It’s worth reminding that Russia and Saudi Arabia announced their willingness to increase an oil production. However, other participants of the cuts agreement aren’t ready to do that. Iran's representative to the bloc said "If the Kingdom of Saudi Arabia and Russia want to increase production, this requires unanimity. If the two want to act alone, that's a breach of the cooperation agreement." It seems like there are misunderstandings between allies.
That is all for today. Follow markets news with us!
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