• Forex
  • Investments
  • Loyalty program
  • Promotions and contests
  • Analysis
  • Getting started
  • About us

Oil prices are again trading in a narrow range

Crude futures hovered in a narrow range on Friday, January 29, extending a sluggish decline, with Brent ticking down 0.04% to $54.96/bbl, and WTI price dipping 0.13% to $52.08/bbl.

According to Friday’s Baker Hughes report, the US oil rig count rose by six units to 295 units over the past week. This trend points to growing activity on the part of North American shale producers. To remind, January showed a steady uptrend in the number of active oil-producing platforms stateside, up nearly 50% on the month.

Today, oil prices are heading north in anticipation of an extension of oil production cuts by OPEC+ countries, with the exception of Russia and Kazakhstan, which are set to increase production slightly as of February 1. As a result, Brent is up 0.98% and WTI is trading 0.84% higher. Our Brent forecast for today is $55-56/bbl.

 

Latest reviews

Everyone has the chance to make a profit

You don't need to trade on your own to make a profit. Make a profit by entrusting your funds to experienced traders!

Register

There's a better website for you

A new exciting website with services that better suit your location has recently launched!

Sign up here to collect your 30% Welcome Bonus.