Lack of momentum to push back above the 50-Day SMA ($60.69) may generate range bound prices in oil even as OPEC upgrades the outlook for global demand.
Reopening Injects Uncertainty Into the Oil Market Here s why OPEC+ has no choice but to release oil.
Apr 08, 2021 | 12:30 PM EDT
The second quarter starts in earnest, after the reflation and reopening themes which were once the only sought-after trades saw day traders and pure momentum chasers take oil higher. Brent oil went all the way from $55 per barrel to $70 a barrel.
Of course, the last $5 a barrel squeeze was when Saudi Arabia convinced OPEC+ to hold off on raising production by 500,000 barrels per day unexpectedly in March including keeping their voluntary 1 million barrels per day out of the market for two more months, causing the knee-jerk spike higher.
Kuwait welcomes OPEC+ deal, stresses continued cooperation kuwaittimes.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kuwaittimes.net Daily Mail and Mail on Sunday newspapers.
OPEC+ Focuses on Fragile Oil Demand Before Crucial Talks
Apr 01 2021, 12:49 PM
April 01 2021, 3:50 AM
April 01 2021, 12:49 PM
(Bloomberg) OPECâs top official warned that oil demand remains fragile as the cartel and its partners headed for talks on whether to prolong their vast production curbs.
(Bloomberg) OPECâs top official warned that oil demand remains fragile as the cartel and its partners headed for talks on whether to prolong their vast production curbs.
âWe should not be out smelling the flowers just yet,â Secretary-General Mohammad Barkindo told a committee of ministers that lays the ground for their main meeting, scheduled for Thursday.
OPEC+ Expected To Stay Cautious In Face Of Market Jitters
03/31/21 AT 11:23 PM
Oil producing countries grouped together under the OPEC+ alliance led by Saudi Arabia and Russia are expected to agree an extension to their current output cuts at a meeting on Thursday.
Their third ministerial meeting of 2021 will be held via videoconference and is scheduled to start at 1200 GMT. The producer alliance is virtually guaranteed to extend current oil cuts into May, according to Stephen Brennock of PVM, reflecting a widespread view among analysts. It may even go a step further and prolong supply curbs into June, he added, with the possibility that Russia and Kazakhstan may be given some small leeway to increase output as happened earlier in the year.