Attempts to realize gains on oil are seen. WTI is falling around $117.5 per barrel, despite the preliminary agreement to limit Russian oil imports by the EU. In addition, we learned information on oil production in the US and OPEC. US production reached 11.7 million brk per day, which is the highest level since November. OPEC production, on the other hand, reached 28.72 million brk per day, which is 100,000 brk per day higher than in April. OPEC countries that are in the agreement to restore supply after the pandemic raised production by 280 thousand brk per day, slightly more than the target. On the other hand, countries that are not in the agreement lowered production. Compliance with the agreement to reduce production is 176%. It can be seen that OPEC has a lot of room to increase production, but does not exercise this right.
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Create account Try a demo Download mobile app Download mobile appA clear pinbar is potentially forming which could herald a reversal. A downward signal would be strengthened by a close below $117 per barrel. Source: xStation5
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