Oil prices launched a massive recovery move after Saudi officials denied earlier WSJ reports regarding increasing OPEC+ oil output. Saudi Energy Minister Abdulaziz told State News Agency that the current cut of 2 million bpd will be maintained until the end of 2023. He emphasized that cartel is ready to intervene if additional measures are required to balance supply and demand He also pointed put, that it is common knowledge that OPEC+ does not discuss any decisions prior to the meeting.
OIL.WTI - buyers managed no only to halt declines around major support zone at $76.20, but also erased majority of today's losses. The nearest resistance to watch is located at $81.20. Source: xStation5
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