WTI regains $ 63 amid supply risks, eyes on US rigs data, OPEC + meeting
|- Oil supported by supply threats on Middle-East woes, US sanctions on Iran.
- Focus on US rigs count data, risk sentiment and OPEC + meet for the next direction.
WTI (futures on Comex) stretches its bullish momentum into a fourth day today, now flirting with two-week tops of 63.48, as the sentiment remains underpinned by mounting supply disruption threats fuelled by rising tensions in the Middle East this week.
Moreover, the US sanctions on Iran continue to curb the Iranian crude exports, adding to the tighter global supplies as well as to the upside in the black gold. Furthermore, the ongoing OPEC supply cuts also raise the risks of a supply deficit in the coming months, rendering oil positive.
The concerns over supply disruption continue to overshadow the recent surge in the US crude stockpiles and the US-China trade escalation induced risk-aversion.
Later today, all eyes will remain on the US rigs count data for fresh hints on the US supply-side scenario. The focus also remains on the OPEC + meeting scheduled over this meeting in Jeddah for the next direction in oil prices.
The OPEC + meeting is called on to assess member states’ commitment to the OPEC oil output cut deal and may make a recommendation on whether to extend or adjust the pact.
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.