OPEC+ agrees to maintain their current oil-output targets – by fx_ross OPEC Oil WTI
traders will note the weekend news that OPEC and its allied producers have agreed to maintain their current oil-output targets despite a recent decline in energy prices.
At the meeting on Sunday, OPEC+ has agreed to sustain the 2 million-barrels-per-day cut that was announced in October that had drawn criticism from the Biden administration that regards the cut as a blatant display of siding with Moscow. The W-formation is a reversion pattern that tends to see the price drawn towards the neckline in which this case has a confluence with the 50% mean reversion area near $78.50bbls.
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