OIL gains after comments from Saudi Energy Minister

Oil erased earlier declines and is now trading slightly higher on the day. Improvement in sentiment towards crude was driven by comments from Saudi Energy Minister Abdulaziz. Saudi official said that Russia oil export cut was voluntary and no one forced Russia to cut supply. He also said that move from Russia is meaningful as it relates to exports level rather than production level. Most importantly, Abdulaziz said that OPEC+ will do whatever will be necessary to support markets and that oil market will not be left unattended. This has triggered a bullish reaction on the market as it hints that more cuts may be looming in the future. Earlier today, United Arab Emirates Energy Minister said that OPEC+ may need new members. Increasing size of the alliance would give it even more leverage and impact on oil prices.

Taking a look at Brent chart (OIL) at H1 interval, we can see that price attempted to break below the support zone in the $75.50 area earlier today, marked with previous price reactions as well as 50-hour moving average (green line). Declines were erased after comments from Saudi Energy Minister and price move back to the $76.00 area. The nearest resistance zone to watch can be found ranging below the $76.40 mark.

Source: xStation5

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