Oil rallied in the second half of last week, with the barrel price reaching $66 after the news that OPEC and a Russia-led alliance of oil producers kept most of their production cuts in place, taking the market by surprise. From a technical perspective, the price reached a strong weekly resistance area and we anticipate it to hang around this area for a while, entering a corrective phase that can drive the value of this commodity towards the $62 area. We recommend focusing on other instruments for now, as the bullish momentum is still strong and the price may continue to rise. Trade with care.
Best regards, Financial Flagship
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