07.11.201816:51 Forex Analysis & Reviews: Oil prices jumped to rise after falling the day before

Long-term review

Exchange Rates 07.11.2018 analysis

The cost of Brent crude on the world market moved to an increase to $ 73.50 a barrel after falling to $ 71.30 the day before. Quotes of American oil WTI rose to $ 62.77 per barrel. The driver of their rise was the message that OPEC + is discussing the possibility of reducing oil production in 2019.

Yesterday, the price of oil fell after the news of the provision of a number of countries temporary exclusion from oil sanctions against Iran. Additional pressure on the quotes had a report from the American Petroleum Institute (API), reflecting the growth of stocks of crude oil in the US by 7.8 million barrels.

Saudi Arabian Energy Minister Khalid al-Falih said that OPEC + intends to sign an agreement on indefinite cooperation in December, and all countries will be able to set new indicators to reduce oil production for next year.

Tatiana Strelkova,
Analytical expert of InstaForex
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