The oil market is in lull, waiting for new drivers

According to experts, oil prices “took a pause” in anticipation of new growth drivers in the global market.

A lull in the global black gold market is also reflected in the dynamics of oil prices. After a significant surge in volatility due to the OPEC+ agreement to reduce oil production by 1.2 million barrels per day, the price range for North Sea Brent oil ranged from $ 60 to $ 61.50 per barrel.

According to experts, the global market can achieve a balance of supply and demand during the six months of 2019 due to the reduction of oil production by 1.2 million barrels per day. To maintain this balance for a long time, analysts recommend reducing oil production even further.

Experts believe that the situation on the global black gold market may change after the release of fresh data on drilling activity in the United States. In the short term, oil prices will be as close as possible to $ 60.70 a barrel, analysts are sure.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: The oil market is in lull, waiting for new drivers