WTI jumps beyond $60 mark as OPEC+ hesitates between output cuts rollover and increase
|A debate is rife on the table for the OPEC and allies (OPEC+), as they are likely to discuss whether to roll over the current oil output cuts in May and beyond or go for a gradual increase of production, Reuters reports, citing three sources familiar with the matter.
According to the sources, there could be a proposal for a gradual increase in output up to 500k bpd in May and June.
On Wednesday, a report from the group’s experts panel meeting, citing that OPEC+ is worried about the demand recovery for oil due to rising coronavirus infections and lockdown measures worldwide.
WTI recaptures the $60 mark
WTI caught a fresh bid-wave and spiked to daily highs of $60.65 on the OPEC+ headlines.
The quick move higher soon fizzled out, as the US oil now trades at $60.20, adding 1.80% on the day, eagerly awaiting the outcome of the OPEC+ meeting.
WTI technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.