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Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month. Some insignificant exemptions were made for Russia and Kazakhstan, allowing them to boost output by 130,000 and 20,000 barrels a day in April, respectively. In total, OPEC+ will withhold about 7 million barrels a day from the market, which is equal to about 7% of global demand. Moreover, Saudi Arabia said it would continue reducing extra 1 million barrels a day on a voluntary bias.
Oil will keep rallying up in the next months! WTI oil has approached the high level unseen since January 2020 at $65.00. If it manages to break it, the way up to $70.00 will be clear. Support levels are at the recent lows of $59.00 and $52.00.
Besides, the US Senate passed Biden’s $1.9 trillion relief bill. As a result, the much-awaited stimulus should be finally approved by the end of this week. It should improve the overall market sentiment and push risk assets like gold further up.
Note that to trade oil with FBS you need WTI-21J, which expires on March 19.
Besides, you can trade oil in our app FBS Trader!
This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
Organization of the Petroleum Exporting Countries (OPEC) is scheduled to meet on January 4.
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
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