WTI crude – Rebound on OPEC+ extension hints

Jun 10 12:06 2019 Print This Article

Oil traders encouraged by Saudi output cut confidence

Oil prices have been given a lift in recent days, with various factors feeding into the gains.

Whether that’s the improved overall risk appetite in the markets, US/Mexico developments or an acknowledgement from the Saudi oil minister that an extension to the output cut is almost guaranteed, the news is bullish for oil prices. It also comes at a time when oil prices needed some good news, having fallen more than 15% over the course of a couple of weeks.

WTI Daily Chart

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WTI was trading around $50 at the lows which was being talked about as being a fundamentally significant level. From a technical standpoint, this certainly makes a lot of sense. Big numbers are often associated with being significant and $50 certainly ticks that box.

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