Oil price consolidates around $ 84
On Friday, November 5, oil trading ended with growth. Brent crude rose 2.09% to $ 82.60.
The active phase of price growth began in the American session after the publication of the report on the labor market. The dollar reacted with growth to the excellent data, but lost ground to its competitors ahead of the weekend.
The recovery in the US labor market accelerated in October. For the oil market, this is a positive factor, as it reflects the growth of the American economy. The ministers of the OPEC + countries on Thursday unanimously decided to continue to follow the previously adopted agreement. OPEC + has been increasing oil production by 400 thousand barrels per day every month since July in order to offset the restrictions of 9.7 million b / d. OPEC is in no hurry to increase volumes, which means that the demand for oil will remain high.
On Monday, November 8, major currencies traded slightly in the red in Asia. Brent crude oil costs $ 83.68 (+ 1.29%). For oil, resistance is at $ 84.45. Buyers need to get back to the 85.24 level as quickly as possible so that sellers don't take over.
