The oil market news
On Friday, oil prices showed a negative dynamic. Brent failed to overcome the significant key level in the area of $ 50, as price dropped lower .
The price of Brent returned to the middle of the middle term corridor. As the borders of the consolidation area, the levels $ 46 46.6 are support zone. These levels serve as a support zone, which separates from the shift of the reduction targets towards $ 43.5. From the top as a basic resistance is a round level of $ 50.
For today, a meeting of OPEC countries take place in St. Petersburg. As reported by Reuters, six ministers will meet to discuss the prospects of the market and compliance with the pact to reduce production. It is likely that the joining of Libya and Nigeria, which has increased production volumes in recent months, will be discussed. However, the probability that these countries will join the agreement is not very high.
According to Baker Hughes data released at the end of last week, the growth in the number of active oil drilling rigs in the US has stopped. Over the past week, the figure has dropped to 764 lips. ( 1). Over the past 60 weeks, the number of drilling fell only 5 times. At the same time in Canada, the number of drilling drills increased significantly over the past week, by 12.