OPEC+ agreed to largely roll over production cuts to the month of April, as announced yesterday. Russia and Kazakhstan were granted exemptions to increase their output by a small amount of 130k and 20k respectively.
At a press conference, Saudi energy minister Abdulaziz Bin Salman said the “jury is still out” on the future of the oil market. “When you have this unpredictability and uncertainty, I think there are choices you could make. I belong to the school of being conservative and taking things in a more precautionary way.
WTI crude oil resumed recent up trend by breaking through 63.70 resistance to as high as 64.71 so far. Next is key structural resistance at 65.43. We’d look for topping signal around this key resistance level. Break of 59.17 support would finally bring a long-overdue correction. Yet, firm break of 65.43 would extend the upstoppable up trend to next key resistance at 76.75 (2018 high).
