Oil Prices Stay Stable

Oil prices remained unchanged in the Asian session. Experts note that tensions in the Middle East supported the market, despite concerns that production could increase even more, especially in Saudi Arabia. Oil’s price action continues to suggest that a slow price correction is underway as both contracts posted yet another lower high for the 4th day in a row.

Traders noted that oil prices are well supported, as the reduction in production contributed to the shortening of the excess supply, which remained on the market since 2014. WTI crude oil closed at $56.70 after it reached a high of $57.10. Brent dropped by 0.80% to $63.25.