Crude on the upswing as output increases fade in the distance

OPEC shutters the book on potentially helping US President Trump keep oil prices down.
The next OPEC meeting isn't set until early December, where the discussion docket will again not include a production hike.

Joshua Gibson FXStreet

Crude oil prices opened up Monday on the bullish side after Saudi Arabia announced that OPEC is unlikely to be following US President Donald Trump's wishes the crude cartel "do something" about rising oil prices, and increasing the oil mafia's output targets anytime soon.

OPEC watching for supply glut in the future

OPEC, being led by Saudi Arabia, have announced that while they are keeping a concerned eye on oil prices, they will not be looking to increase their internal production limits for the time being as the conglomerate expects global supply in the oil markets to once again outstrip demand beginning in 2019, and the slow-moving consortium, which is already not managing to hit their overall production caps, is leaving the US' President Trump to deal with rising oil prices which he has had an extremely heavy hand in, with US sanctions on Iran set to begin in November and the US administration looking to see Iran completely locked out of global oil supply markets.

WTI levels to watch

Monday's run-up at the market open saw WTI tick into 70.60 per barrel, and prices are currently sifting close by, near the 71.50 level as energies traders keep barrel costs elevated thanks to OPEC's insistence that it has no interest in chasing down prices on behalf of Donald Trump.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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