Oil rises on expected output cut.
Oil under the bullish pressure today – continuing the multi-month uptrend – after it was reported that the OPEC+ group is studying a possible production cut in February. According to an OPEC document dated Jan. 4, the group is studying a 500,000 barrel per day output cut for February. This is putting the bullish pressure on oil – along with the general expectation the mass vaccinations can still positively affect the demand in the near-term perspective. Tension around Iran’s seizure of a South Korean vessel is also adding to bullish pressure on oil.
Expect buyers on downward corrections.
Next resistance to watch – 53.20
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