Oil Rises On OPEC+ Comments

Oil prices were trading bullish on Monday.

The gains come after OPEC+ chief reiterated that OPEC+ would not let oil prices to fall again.

Elsewhere, Russia is attempting to engage Saudi Arabia in fresh talks amid the current oil market slump.

Price action is building upon the upside momentum as oil prices briefly test the 41.00 level.

With the price action largely dependent on the fundamentals, positive news from Russia and Saudi talks could see oil possibly breaking above the 41.00 level.

For the moment though, the ranging price action is still not out of the woods.

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“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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