WTI jumps to fresh multi-year highs above $75 on OPEC headlines
- Oil prices surge higher on latest OPEC headlines.
- OPEC+ reportedly looks to ease output cuts by around 2 million barrels per day until end of year.
- Producers are expected to debate extension to output curbs until end of 2022.
Crude oil prices are surging higher on Thursday as investors react to the most recent OPEC+ headlines as the highly-anticipated meeting goes underway. As of writing, the barrel of West Texas Intermediate (WTI) was trading at its highest level since October 2018 at $75.60, rising nearly 3% on a daily basis.
Earlier in the day, Reuters reported that OPEC+ was looking to ease output cuts by around 400,000 barrels per day from August to December, bringing the total reduction to 2 million barrels per day by the end of the year. Russia and Saudi Arabia have reportedly reached a preliminary deal on the output strategy as well.
Moreover, OPEC+ sources told Reuters that producers will be debating an extension to oil output curbs until the end of 2022.
Technical levels to watch for
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
