OPEC members including Russia concluded their semi-annual OPEC meeting in Vienna last week. The cartel of oil-producing nations announced even deeper cuts at the meeting which concluded on Friday.

Oil production is set to be cut down by a further 500,000 barrels until March 2020, bringing the total production cuts to 1.7 million barrels. Oil prices rose as a result of the OPEC decision.

WTI Crude Oil at a 3-Month High

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Oil prices were bullish, with the price action over the past week indicating that traders were anticipating the bullish news. By Friday’s close, WTI crude oil settled near a three-month high, closing at $59.08. This was after the intraday rally pushed oil to highs of $59.81.

In the near term, oil prices could pullback to the support level of the 57.87 – 57.64 region. But further could come if this support holds.

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