Russia energy minister Novak: Russia sticking to OPEC+ deal in full

  
Analysis, Crude

Crude oil is trading up $0.50 on the day

  • Russia is committed to OPEC+ deal in full
  • Talked to Saudi Arabia energy minister by phone on Wednesday
  • The situation has stabilized following the tax and Saudi Arabia
  • Saudi Arabia is not cutting its oil exports
  • No decision to change global oil deal targets
The price of crude oil is trading up about $0.50 at $58.61 currently. The high price today reached $59.54. There was some buying on the back of news that Saudi Arabia purchased oil from Iraq to fulfill contract obligations.  That gave traders some concern that production will indeed move back to normal by the end of September.  The low today reached $58.08.
Crude oil is trading up $0.50 on the day_
Technically the price remains above its 100 day moving average at $57.12. It’s 200 day moving averages at $56.33. Staying above those levels would keep the buyers more in control.
The spike high price on Monday, stalled ahead of the May high price at $63.81. The high price reached $63.33.
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