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Brent crude has broken out of its range after the announcement that Saudi Arabia and Russia will keep output cuts in place until the end of 2023, but the stronger dollar keeps a lid on the rally
Fundamentally speaking, with depleting inventories and a perceived tightening of the crude oil market, the short-term forecast appears bullish, but beyond this, there are some risks to demand brewing.
Despite bullish inventory numbers, oil markets are caught between disappointing industrial activity in several parts of the world and uncertainty about the next steps of the U.S. Federal Reserve
Caution remains the keyword for oil traders this week as supply and demand dynamics play out.
Traders should work the long-side cautiously because prices are a little overextended at current levels, and the market is becoming highly sensitive to negative news out of China.