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Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month. Some insignificant exemptions were made for Russia and Kazakhstan, allowing them to boost output by 130,000 and 20,000 barrels a day in April, respectively. In total, OPEC+ will withhold about 7 million barrels a day from the market, which is equal to about 7% of global demand. Moreover, Saudi Arabia said it would continue reducing extra 1 million barrels a day on a voluntary bias.
Oil will keep rallying up in the next months! WTI oil has approached the high level unseen since January 2020 at $65.00. If it manages to break it, the way up to $70.00 will be clear. Support levels are at the recent lows of $59.00 and $52.00.
Besides, the US Senate passed Biden’s $1.9 trillion relief bill. As a result, the much-awaited stimulus should be finally approved by the end of this week. It should improve the overall market sentiment and push risk assets like gold further up.
Note that to trade oil with FBS you need WTI-21J, which expires on March 19.
Oil is available for trading in our app FBS Trader!
A huge container carrier blocked the entire Suez canal. Among many, there are oil tankers waiting to continue their way through the canal. How is WTI price reacting?
Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!
Saudi Aramco site was hit by missiles on Sunday - no damage to oil supply was taken, but investor fear drove the price into the upside. Time to trade the cooling off then!
US retail sales will be out on Thursday, April 15, at 15:30 MT. It is a significant release for traders as it will impact the US dollar.
As the earnings season kicks in, JPMorgan is the first to impress us with the better-than-expected data!
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.
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