WTI Crude oil jumped above $41 per barrel in last session, rallying more than 2% as traders focused on OPEC+ updates. Top energy ministers comprising the JMMC gathered to discuss latest oil market outlook and review production quota compliance. Oil soared on remarks from Saudi Prince Abdulaziz which effectively suggested a tighter oil market.
Oil prices drifted lower on Friday
Oil prices drifted lower on Friday, pausing after three days of gains, as producers prepared to resume operations in the Gulf of Mexico and data showed Saudi Arabian exports rose from record lows. Both contracts have risen sharply this week as Hurricane Sally cut U.S. production and are on track for a weekly gain of around 9%, the first in three weeks. In Saudi Arabia exports rose in July to 5.73 million barrels per day (bpd) from a record low the previous month, official data showed on Thursday. Supporting prices, OPEC and its allies said on Thursday the group will take action on members that are not complying with deep output cuts to support the market following a coronavirus-led slump in fuel demand. The Organization of the Petroleum Exporting Countries (OPEC) and other producers such as Russia, making up the so-called OPEC+ group, are cutting 7.7 million barrels a day of output to support prices.
TREND : BULLISH
Time : 18/09/2020
Pivot : 40.73
Technical View : LONG ABOVE 40.93
Target : 41.13, 42.13, 42.19, 42.77
Technical View : SHORT BELOW 40.53
Target : 40.33, 39.91, 38.69, 38.01