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Oil Rises On OPEC+ Comments

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Oil prices were trading bullish on Monday.

The gains come after OPEC+ chief reiterated that OPEC+ would not let oil prices to fall again.

Elsewhere, Russia is attempting to engage Saudi Arabia in fresh talks amid the current oil market slump.

Price action is building upon the upside momentum as oil prices briefly test the 41.00 level.

With the price action largely dependent on the fundamentals, positive news from Russia and Saudi talks could see oil possibly breaking above the 41.00 level.

For the moment though, the ranging price action is still not out of the woods.

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Source: https://www.orbex.com/blog/en/2020/10/oil-rises-on-opec-comments
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