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Oil prices rise to highs in a year due to OPEC+ expected to work to restrict supply

 Last Update: 2021-11-24
 Source: Internet
 Author: User

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Crude oil prices jumped to their highest level in more than a year, extending this week’s gains to more than $56 per barrel, as investors are confident that OPEC’s oil-producing countries are committed to restricting global supply
.
OPEC oil-producing countries have promised to continue to consume the excess oil caused by the epidemic, while global inventories continue to decrease
.
In addition, Saudi Arabia kept the price of crude oil supplied to Asia unchanged, while increasing the prices of all grades to buyers in the United States and Europe
.
Michael Hiley, head of over-the-counter energy trading at LPS Futures, said, “It seems that Saudi Arabia
wants to support the market at all times .
If demand really picks up, we may soon see oil shortages because US production will not recover soon
.
” Key technical indicators indicate that crude oil will have a correction; the 14-day relative strength indicators of Brent and WTI crude oil futures both show that the commodity is in the overbought area
.

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