The collapse of oil slowed down just before the mark of $ 48
Oil quotes on both sides of the Atlantic are consolidated after yesterday’s fall aggressive provoked disappointment, which was caused by the outcome of yesterday’s meeting of OPEC, and caused the collapse of prices by 5%.
Recall that during the meeting it was decided to prolong the agreement on the reduction of oil production for 9 months, but the market did not react with glee at the news, since it was already fully incorporated in prices.
Moreover, the markets showed disappointment in response to the news that the sheer size of the quota has not been revised in the direction of increasing the volume of production cuts, but the agreement did not join the new members. It is obvious that the players again embraced the outcome of OPEC meeting from the traditional skepticism, as usual doubting the effectiveness of the solutions and their ability to stabilize the world oil market.
In general, markets have demonstrated the classic response “buy on rumor, sell on fact.”
At the moment, WTI crude oil bottomed near the 6-day lows at $ 48.27 and is trying to recover over $ 48.50 and Brent traded down 0.37% at around $ 51.50.
Next, the players’ attention will switch to the data on the number of operating rigs in the United States.
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