Crude oil prices were trading flat on Thursday. The OPEC meeting is due to take place from July 1st and 2ndin Vienna, Austria. So far, the markets are mixed on whether the OPEC members will cut production even further. Preliminary reports suggest that OPEC members will maintain the production cuts currently in place.
WTI Crude Oil Likely to Consolidate Near $60 Handle
WTI Crude oil managed to clear the resistance level of 57.50 and is now trading close to the $60 price point. We expect oil prices to consolidate near this level into next week. With the rally in oil price, it is likely that the markets are already discounting the existing production cuts. Failure to expect a further production cut that would be bullish for oil prices could signal a possible move back to the $57.50 level of support.
