Although prices are well off their highs, the complex trades higher today after OPEC+ looks to extend production cuts, the U.S. and Chinese declare a truce on the trade war, and Iran reported having higher levels of uranium than the 2015 signed nuclear deal allows.
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WTI oil prices rose Monday morning to $56.94/barrel due to a barrage of bullish headlines which puts this year’s oil rally north of 22% and climbing.
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After a sharp rally to begin the year, oil prices have been trading in a tight range over the past two weeks and are waiting for their next cue to determine price direction.
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The oil market is rallying today primarily because of a sizable crude oil draw reported by the DOE, a softening dollar, and bullish OPEC comments.
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Commodity and global equity markets got smoked yesterday due to a surge in the U.S. dollar index which was perpetuated by fears of Turkish contagion and a surprise build in crude oil inventories.
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Oil prices continue to be range bound until the market bulls or bears take control. As of this morning, there were more bullish than bearish factors which is resulting in green across the board for the moment.
Read MoreThe bulls and bears have been battling it out with some violent intra-day price reversals as of late and today is no exception.
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On Saturday OPEC and non-OPEC producers agreed to raise production by 1 million barrels per day (bpd). Perhaps more important than that, they agreed to return to 100% compliance of the previously agreed upon production cuts of 1.8 million bpd. Production was lagging from struggling countries, i.e., Venezuela, Angola and Libya which effectively equated to […]
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Oil prices are lower this morning sparked by increasing trade war fears between China and the U.S. after President Trump sought to impose another $200 billion worth of tariffs yesterday.
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June 22nd marks the next meeting of the OPEC producers to be held in Vienna. Moving into the second half of the year it is highly uncertain if a global glut has ended.
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