WTI Crude Oil Trading Bullish Over Expectations of More Production Cuts by OPEC
Even as the trade tensions between US and China continue to weigh on markets, WTI crude oil prices look set for a fifth consecutive day of gains over expectations of OPEC+ members extending crude production curbs. At the time of writing, WTI crude oil is trading at $58.25 per barrel.
Following the appointment of Prince Abdulaziz bin Salman as Saudi Arabia’s energy minister, crude oil climbed over 2% higher on Monday. Oil markets cheered his appointment as he has has a long-term association as a member of OPEC. Prince Abdulaziz confirmed that Saudi Arabia will continue to honor OPEC’s agreement to curtail crude production by 1.2 million bpd.
Crude oil is also trading bullish over expectations that OPEC and its allies could announce further curbs in crude production during their upcoming meeting later this week. Oil has been weakening since April over worries of the escalating US-China trade war and its potential impact on economic growth and demand for oil.
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