Markets play news from OPEC and a report on the US labor market
Oil prices corrected after the decision of OPEC to reduce output at the end of last week. “On the morning of Monday, December 10, the price of black gold rose to a closing level on Friday, reaching $62,4 per barrel, then fell slightly to $61,9”, — said a senior analyst at Alpari Vadim Iosub.
The decision was made to reduce oil production in 2019 at 1.2 million barrels per day. OPEC will reduce production by 800 thousand barrels, and Russia and other countries by 400 thousand barrels. Iran exempted from participation in the production decline due to existing in respect of sanctions of the United States.
“On Friday, the price of Brent crude oil increased to $63,67 per barrel. There is a strong resistance, from which speculators operate on the decline. That is why the buyers do not have the strength to pass it before the weekend,” — said analyst of Alpari Vladislav Antonov.
Experts expect in the early weeks of the buildup in the auction.
“The likely daily range for today’s trading, Brent crude oil is $61,3-of 62.6 per barrel,” predicted Vadim Iosub.
With the news from the cartel appeared American report on the labor market, which on Friday managed to influence the exchange rate of the dollar against the Euro, and continues to pressure him. At the opening of the morning trading session for the single currency gave $1,4, and 9:35 quotes have reached $1,1432/€, according to Bloomberg. Investors are seriously worried about the situation in the US economy after the employment data.
“The number of new jobs and the index of average hourly earnings in the US came below expectations. The American economy in November created 155 thousand new jobs against the forecast of 198 thousand Data for October was revised downward from 250 thousand to 237 thousand jobs. The unemployment rate for October remained unchanged at around 3.7%,” — said Antonov.