WTI spikes back above $51 mark ahead of OPEC press conference

Haresh Menghani FXStreet

WTI crude oil witnessed a solid recovery from European session flash crash lows to $50.00 neighborhood and has now jumped back above $51.00 mark.

The latest leg of sharp spike in the past hour or so could be on the back of news flashes that OPEC - Non-OPEC members discussed option of extending cuts into June 2018 if market deteriorates.

The black gold has now reversed over 50% of its early sharp losses recorded following the confirmation of a 9-month extension to the production cut deal, which disappointed some market participants anticipating a deeper cut. Meanwhile, the deal will have some conditions for Iran, Libya and Nigeria.

• OPEC delegate: OPEC agrees to extend oil production cuts for 9 months

With headlines coming out of the crucial meeting playing a dominant role for the commodity's rollercoaster ride, it would be prudent to wait for the final announcement before committing to the next leg of directional move.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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