Brent held above $50 a barrel on Friday following an OPEC meeting that failed to agree on output targets, but which was seen as supportive as Saudi Arabia pledged not to flood the market with more fuel. Oil prices received further support as data from the US Energy Information Administration (EIA) showed US crude stockpiles
On Monday, oil prices dipped significantly due to the failure of the meeting between major oil producers aiming to freeze production, held in Qatar last Sunday. The meeting failed because the top exporter Saudi Arabia demanded that Iran, the only OPEC member absent from the meeting, also needed to sign up to the agreement. The
In daily chart, Brent retreats in consolidation phase after having climbed strongly since the beginning of the year. The price has met with the Fibo 38.2 and is predicted to rebound again. In terms of fundamentals, Iran agreed to participate in the Doha meeting with other OPEC member and Russia, but refused to join production-squeezing
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