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The Oil Market Is Waiting for More Good News

Olymp Trade

The level of $66.6 per barrel remains an insurmountable barrier for Brent crude oil buyers. Since the middle of last week, this is the third attempt to break through the $ 66.6-67.3 zone. Local support is situated at $64.0 level. On Monday, quotes rose impulsively by more than 2% against the background of positive information from the fields of the G20 summit. While the mood of the market remains bullish, players are waiting for official announcements in the coming days.

Most likely, OPEC and partners will extend the production cut agreement until the end of 2019 after Saudi Arabia, Russia and Iraq supported its extension for another six to nine months on Sunday. At the beginning of the week, there will be a meeting of OPEC countries in Vienna, at which the official decision of the cartel and its allies will be announced.

Also, oil quotes were supported by the outcome of Saturday’s meeting between the leaders of the United States and China. Contrary to market expectations, the two leaders agreed to resume trade negotiations with a subsequent signing of a trade agreement. Trump decided to lift the sanctions from the Huawei company, and in return, China will consider an increase in imports of American agricultural products.

Olymp Trade Review

Source: https://olymptrade.com/
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