Hello Traders hope everyone are fine.
We see WTI prices in sideways movement (range $63.050 - $63.600) after oil prices hit a 13-month high on tighter supplies. The FED's assurance on ultra low rates, and the overall weakening USD also supports commodity prices. Oil prices see/saw additional support from the very rare winter storm in Texas which has caused the US to drop oil production by more than 10% (or more than 1 million bpd) during the last week.
The weather improved significantly now, but it will take time for the oil industry and refineries to catch up. The additional cuts from Saudi Arabia continue to keep supply and demand in balance before the OPEC+ is meeting again March 4.
I expect the group to only discuss a very modest easing of oil supply curbs to maintain oil's current path (towards $70/barrel). Additional US fiscal stimulus, the improving market sentiment, the positive perfomance of the equity markets (in particular the heavy industry) and of course rising hopes of international travel to return H2 2021 will further support oil prices.
WTI is currently close to its (current) bottom range and will try again to push through $64 later this week.
I am doing this work to help people like you to get a share from the markets. Hope you like it and happy trading to you all. :)
We see WTI prices in sideways movement (range $63.050 - $63.600) after oil prices hit a 13-month high on tighter supplies. The FED's assurance on ultra low rates, and the overall weakening USD also supports commodity prices. Oil prices see/saw additional support from the very rare winter storm in Texas which has caused the US to drop oil production by more than 10% (or more than 1 million bpd) during the last week.
The weather improved significantly now, but it will take time for the oil industry and refineries to catch up. The additional cuts from Saudi Arabia continue to keep supply and demand in balance before the OPEC+ is meeting again March 4.
I expect the group to only discuss a very modest easing of oil supply curbs to maintain oil's current path (towards $70/barrel). Additional US fiscal stimulus, the improving market sentiment, the positive perfomance of the equity markets (in particular the heavy industry) and of course rising hopes of international travel to return H2 2021 will further support oil prices.
WTI is currently close to its (current) bottom range and will try again to push through $64 later this week.
I am doing this work to help people like you to get a share from the markets. Hope you like it and happy trading to you all. :)
Trade closed: target reached