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

- advertisement -

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.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.