Oil prices erased early losses and rose sharply after OPEC + agreed to raise output by 648,000 bps in both July and August, without announcing any extra increases to compensate for Russian oil fallout. Earlier some reports suggested that cartel members were talking about an immediate increase in output from Saudi Arabia and the UAE. Also, earlier this week some speculations emerged that several producers were considering suspending Russia's participation in a production deal of OPEC +. Now investors will focus on official weekly inventory data from the US.
OIL.WTI launched the session on a weaker note, however sellers failed to break below major support at $111.80 and price reversed its course. Currently the nearest target for bulls is located at $117.70 which is marked with the upper limit of the 1:1 structure. Source: xStation5
