Expected production cuts by OPEC + support oil prices
Oil prices rose sharply after Reuters, citing anonymous sources, reported that Russia at the next OPEC + meeting, which will be held on October 5, will propose an even greater reduction in oil production by up to 1 million barrels a day.
OIL, interval H1. Crude oil is rapidly gaining as a result of rumors surrounding a possible significant reduction in production by OPEC +. Price bounced back above the 50 day moving average around $ 85.00. The next target for bulls can be found around $ 90.00 level, where the SMA200 is located. Source: xStation5
