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Oil Video 12.01.21.
Oil Continues To Move Higher As Saudi Arabia’s Production Cut Serves As A Major Bullish Catalyst
Yesterday’s pullback was temporary, and oil quickly moved to new highs. Currently, WTI oil is trying to settle above the $53 level. If this attempt is successful, WTI oil will be just a few steps away from the $55 level.
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Meanwhile, Brent oil has already crossed this mark and is heading towards the $60 level which will likely be seen as a “normal” level by many traders.
Interestingly, December 2021 WTI oil futures are trading below the $51 level so the discount to the front-month contract is more than $2. A similar situation can be seen in the Brent oil market as December 2021 Brent oil futures are trading near the $54 level while the front-month contract is trading above the $56 level.