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WTI bears eye a continuation to test $70.50s
West Texas Intermediate, WTI, is currently trading at $71.93 and has traveled between a low of $71.03 and $74.33. Meanwhile, comments from Russia's oil minister, who said next month's OPEC+ meeting was unlikely to end with further cuts to production, have weighed on the black gold. Reuters reported Russian oil minister Alexander Novak said further cuts from OPEC+ were unlikely following more than one-million barrels per day of voluntary cuts that took effect at the start of May. "The likelihood of OPEC cutting further only a month later is low. Signs of stronger demand should provide some comfort to bullish ... (full story)
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- Posted: May 25, 2023 5:31pm
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 89
