WTI CRUDE OIL
here's my bullish bias of US CRUDE OIL!
il prices jumped early on Wednesday, following reports that the OPEC+ group could be weighing the possibility not to increase collective oil production from April as widely expected.And despite a shockingly large crude build the largest on record as estimated on Wednesday by the EIA, oil prices were still holding strong.What started as a muted trading day quickly turned into a bull run on Tuesday, as oil prices jumped by $1 a barrel shortly after open, after Reuters reported that the OPEC+ alliance is considering keeping the oil production cuts from March in place in April as well, in view of the still-fragile global demand recovery.
Key members of OPEC have proposed keeping the current level of the OPEC+ cuts intact in April, while it is not immediately clear if Saudi Arabia would reverse its extra 1 million bpd cut from April, according to Reuters’ sources.
il prices jumped early on Wednesday, following reports that the OPEC+ group could be weighing the possibility not to increase collective oil production from April as widely expected.And despite a shockingly large crude build the largest on record as estimated on Wednesday by the EIA, oil prices were still holding strong.What started as a muted trading day quickly turned into a bull run on Tuesday, as oil prices jumped by $1 a barrel shortly after open, after Reuters reported that the OPEC+ alliance is considering keeping the oil production cuts from March in place in April as well, in view of the still-fragile global demand recovery.
Key members of OPEC have proposed keeping the current level of the OPEC+ cuts intact in April, while it is not immediately clear if Saudi Arabia would reverse its extra 1 million bpd cut from April, according to Reuters’ sources.
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