OPEC+ - unexpectedly - decided to gradually increase back the oil supply. What's the outlook for the oil price?
Tag - wti - west texas intermediate
While the American stock market pushes S&P 500 above 4000, most currencies are weak against the US dollar, and commodities fluctuate.
Gold has dropped below $1700! The US dollar is going all-in against other currencies, WTI oil is trembling but going upwards ahead of the OPEC+ meeting.
A huge container carrier blocked the entire Suez canal. Among many, there are oil tankers waiting to continue their way through the canal. How is WTI price reacting?
Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!
Saudi Aramco site was hit by missiles on Sunday - no damage to oil supply was taken, but investor fear drove the price into the upside. Time to trade the cooling off then!
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
While the oil cartel member country leaders meet to decide on the supply increase quantity, WTI oil price moved up a bit. What are we in for?
S&P made a significant dip down while the WTI oil price moves upward this Thursday; we are expecting news from the OPEC+ about the oil supply increase. Will it go higher or lower than expected? That'll eventually drive the oil price in either direction - prepare your levels.
This Tuesday evening, OPEC+ starts the series of this week's sessions to define the supply increase. Check the article out, and trade it!
After reaching $60, WTI oil has taken a new pattern - still an uptrend, though. When will it make the next step?