Previously, OPEC+ was set to increase its oil production by 2 million bpd in January 2021
but the second wave of the virus forced it to revise the deal and negotiate a modest production increase of 500,000 bpd.
At this point, it looks like Russia wants OPEC+ to gradually increase oil production in order to reach the production increase
of 2 million bpd in April 2021.we have mixed emotions by the two sides (buyers and sellers)
so were ou look the technical part the price finally found it is support zone around $48
look for buying opportunity if the hourly candle closed above the 50MA
but the second wave of the virus forced it to revise the deal and negotiate a modest production increase of 500,000 bpd.
At this point, it looks like Russia wants OPEC+ to gradually increase oil production in order to reach the production increase
of 2 million bpd in April 2021.we have mixed emotions by the two sides (buyers and sellers)
so were ou look the technical part the price finally found it is support zone around $48
look for buying opportunity if the hourly candle closed above the 50MA
