OPEC+ Extends Production Cuts, Boosts Oil Prices
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Oil prices increased by almost 2% following OPEC+’s decision to postpone the increase in oil production until the end of 2024.
This move aims to stabilise the volatile oil market.
Additionally, rising geopolitical tensions in the Middle East, including potential Iranian attacks on Israel, contributed to the price surge.
Key levels are $76.06 resistance and $69.66 support.
Data: eToro, FactSet, Morningstar, S&P Capital IQ, ProRealTime, MarketScreener