UAE Insists OPEC Agreement Hinges on Vaccines, Demand Recovery thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
Gold and crude oil prices started off the week on a sour note. While both are at risk of further losses, the broader uptrend in WTI remains intact ahead of the OPEC+ meeting.
OPEC secretary general stresses need for caution in managing oil market recovery hellenicshippingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hellenicshippingnews.com Daily Mail and Mail on Sunday newspapers.
The chance of OPEC and its allies agreeing to increase crude output by 1.5 million b/d for April will hinge on a successful rollout of the COVID-19 vaccines and its impact on demand as the group seeks to lower inventories, the UAE’s energy minister said. “Whether the market can absorb an additional 1.5 million b/d .
Oil Price Outlook Mired by RSI Sell Signal Ahead of OPEC JMMC Meeting
2021-03-01 20:00:00
David Song,
Strategist
Oil Price Talking Points
The price of oil extends the series of lower highs and lows from the February high ($63.81) ahead of the Organization of the Petroleum Exporting Countries (OPEC) Joint Ministerial Monitoring Committee (JMMC) meeting on March 3, with recent developments in the Relative Strength Index (RSI) indicating a further decline in crude prices as the oscillator falls back from overbought territory and slips below 70.
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Oil Price Outlook Mired by RSI Sell Signal Ahead of OPEC JMMC Meeting
The price of oil appears to have reversed course ahead of the 2020 high ($65.65) as it trades back within the confines of the ascending channel established in November, but more of the same from OPEC+ may keep crude prices afloat as Saudi Arabia stays on track to reduce supply by 1 million b/d until April.