Moderate recovery to $ 73 is expected for oil

On Thursday, December 2, at the end of the day, Brent crude oil rose by 2.23% to $ 70.48 per barrel. The low of the day was fixed at $ 65.75. The price declined ahead of the announcement of the OPEC + decision on expectations that the alliance will continue to increase production in January 2022.

Some participants in the oil market hoped that against the backdrop of a decline in oil prices caused by the threat of a new strain of coronavirus, OPEC + would slow down the increase in oil production. OPEC + ministers agreed to keep the plan to increase oil production by 400 thousand barrels per day. The next meeting is scheduled for January 4th.

On Friday, December 3, Brent crude is worth $ 71.40 Buyers are trying to break the bearish trend that started on October 25 at the 86.67 top. Technical factors are on the buyer's side now. If they can gain a foothold above $ 72.80, sellers will start to close short positions in oil futures.

Today there will be a report on the US labor market for November. After the publication, high volatility for the dollar is expected. In November, prices fell by more than 20%. With such a drop, buyers should benefit from any report.