CL
576 views
3 Discussing
Hot
Latest
See original
Oil prices switched to growth after initial losses on Tuesday due to dollar weakness, although the increase was limited by concerns about a possible recession in the U.S. and the impact of tariffs on global economic growth. This is reported by Reuters.
Investors are also closely monitoring OPEC+ plans as the group of producers is set to start increasing production from April.
Brent futures rose by 1.18% to $70.10 per barrel as of 13:46 Moscow time, after a decline at the beginning of trading. WTI contracts increased by 1.17% to $66.81.
The dollar index hit a 4-month low at 103.32 and was trading down nearly 0.4% at the time of writing.
The level around $70 for Brent remains a fairly strong support, and prices could technically rebound at current levels, according to Suvro Sarkar, head of the energy sector team at DBS Bank. He also noted that OPEC+’s response in the context of supply will remain flexible depending on market conditions.
"If oil prices remain below the $70 mark for an extended period, we believe that production growth may be suspended. #LCO #CL
Investors are also closely monitoring OPEC+ plans as the group of producers is set to start increasing production from April.
Brent futures rose by 1.18% to $70.10 per barrel as of 13:46 Moscow time, after a decline at the beginning of trading. WTI contracts increased by 1.17% to $66.81.
The dollar index hit a 4-month low at 103.32 and was trading down nearly 0.4% at the time of writing.
The level around $70 for Brent remains a fairly strong support, and prices could technically rebound at current levels, according to Suvro Sarkar, head of the energy sector team at DBS Bank. He also noted that OPEC+’s response in the context of supply will remain flexible depending on market conditions.
"If oil prices remain below the $70 mark for an extended period, we believe that production growth may be suspended. #LCO #CL
Login to explore more contents