Oil prices are reported to be growing amid positive US economic performance seen recently, Market Leader reports.
On top of that, Masterforex-V Academy experts assume that the current price recovery in the market of crude oil is triggered by the expectations of a production decline in the OPEC nations.
Meanwhile, the Raphael Ramirez, Venezuela 's Minister of Foreign Affairs, says that the country is also going to cut down on its oil production if the OPEC decided to do the same. The OPEC leaders promised to report the oil production cut on November 27th.
This promise triggered a recovery in the market of crude oil, with a barrel of Brent oil appreciating by $0,28, thereby reaching $79,61/b. WTI oil appreciated by $0,49 up to $76,34/b.
The chart below, courtesy of Masterforex-V Academy reflects the current state of affairs:
