The latest reports indicate the continuation of the current OPEC + policy with regard to increasing production. Therefore, in January, we can expect an increase in the production limit by 400,000. barrels in January. Crude oil drops to new local lows. Price is currently testing around $ 63.00 level, while key support is located at $ 62.00.
Interestingly, during the current OPEC + meeting, very negative scenarios regarding demand were discussed. Even so, OPEC + is likely to keep the policy unchanged, although this is not an official decision yet.
Crude oil breaks below $ 65.00 and is heading towards key support at $ 62.00. Source: xStation5
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