CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

🛢Oil prices rise after the OPEC + decision📈

17:10 4 March 2021

WTI crude oil moved higher after OPEC's decided to maintain production

OPEC's decision is quite extensive, but the market reaction is very positive. Most countries will keep production unchanged in April compared to March, and most of all Saudi Arabia will maintain an additional cut of 1 million barrels per day through February and March.

However, Russia will increase production, but only from 65k to 116k. barrels per day (it has been speculated that Russia wants to increase production by as much as 0.5 million barrels). In addition, Kazakhstan will be able to increase production from 10 to 20k barrels per day. Countries that will produce more will have time until July to compensate for their excess production. The next meeting will take place on April 1.

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The price of WTI crude oil reached its highest level since January 2020. Should current sentiment prevail, the next target for bulls is located $ 66.5 a barrel. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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