OPEC+ confirms supply hikes, WTI rises
The oil cartel completed its teleconference on Tuesday. WTI spiked above $63.
Oil is the cheapest since 2018
What happened?
During today’s meeting of oil-producing countries, Russia rejected the proposal of OPEC members to cut oil output. According to a high-level source, Russia is only ready to discuss the existing production cuts. Moreover, the OPEC and non-OPEC failed to agree on the rollover of existing cuts. The news disappointed oil traders after yesterday’s OPEC proposal.
How the oil prices reacted?
The announcement pulled the price for WTI to the lows of December 2018. At the moment, the WTI price is moving down to the support at $42.3. The next support lies at $41.4. On the upside, the momentum is limited by the $47 level.
The price of Brent experienced a great slump as well. It has fallen below the $46.6 level. The next support lies at $44.3. The key resistance is placed at $52.8.
What’s next?
As the OPEC meeting ends without a deal, it is just a matter of time when Saudi Arabia decides to cut its output anyway. Follow our news and be ready for more updates on that matter.
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