Both Brent and WTI prices rise ahead of OPEC+ meeting

[Sergey Golubev]

Both Brent and WTI prices rise ahead of OPEC+ meeting

Oil prices rose on Tuesday because the traders are waiting to see the major producers' agreement to extend their output cuts at a virtual meeting expected later this week.

Brent crude LCOc1 futures rose 0.91%, or 35 cents, to $38.67 a barrel as of 0427 GMT. West Texas Intermediate (WTI) crude CLc1 futures rose 0.56%, or 20 cents, to $35.64 a barrel. Brent has doubled over the past six weeks, thanks to supply cuts by the Organization of the Petroleum Exporting Countries and allies, including Russia, a grouping dubbed OPEC+.

"The whole story is very much based around the supply cuts and the demand recovery," said Commonwealth Bank commodities analyst Vivek Dhar.

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Chart was made on MT5 with Brainwashing system/AscTrend system (MT5) from this thread (free to download) together with following indicators:

• MaksiGen_Range_Move MTF - indicator for MetaTrader 5 
• Ichimoku Cloud - indicator for MetaTrader 5
• Price prediction by Nearest Neighbor found by a weighted correlation coefficient - indicator for MetaTrader 5
• ColorSchaffTriXTrendCycle - indicator for MetaTrader 5

Same system for MT4:

1. Brainwashing. Trades: manually and using EAs (MT4)
2. Brainwashing EAs - the thread (MT4)
3. Brainwashing: system setup for trading manually and for EAs (MT4) - the thread 
4. Brainwashing: system development (MT4) - the thread